Samsung Fire & Marine Insurance Lowers Auto Insurance for 3 Consecutive Years... 2.6% Decrease for Personal Vehicles, 8% for Motorcycles

Samsung Fire & Marine Insurance plans to reduce car insurance premiums by 2.6% starting February next year.

Samsung Fire & Marine Insurance announced on the 20th that it is considering lowering personal car insurance premiums by 2.6% and motorcycle insurance premiums by 8% for contracts commencing mid-February next year. This marks the first time in history that car insurance premiums will be reduced for three consecutive years, following reductions in April 2022 and February this year.

The final premium reduction rate and implementation timing may vary depending on the schedule for rate verification. Samsung Fire & Marine Insurance intends to continue making reasonable adjustments to car insurance premiums linked to loss ratios.

A Samsung Fire & Marine Insurance official explained, "Due to ongoing increases in insurance costs such as repair fees, we have been cautious about adjusting premiums. Nevertheless, we decided to reduce car insurance premiums to share the difficulties faced by the public amid recent high interest rates and inflation, and to fulfill our social responsibility."