Car Insurance Premiums Reduced by Up to 1%... Non-Life Insurance Industry "Joins Win-Win Finance"

The non-life insurance industry is expected to reduce car insurance premiums by around 1% this year.

An industry official said on the 20th, "As part of participating in mutual growth finance, all companies are likely to lower car insurance premiums by 0.5 to 1%."

The extent and timing of the premium reductions are expected to vary by insurer. The reduction rates will be announced around the Lunar New Year holiday, and the premium cuts will apply to car insurance policies starting their coverage period next month. Considering that the average personal car insurance premium is about 700,000 won, the premium per vehicle is expected to decrease by approximately 3,500 to 7,000 won.

The non-life insurance industry reduced car insurance premiums by 1.2 to 1.4% in 2022, 2.0 to 2.5% in 2023, and 2.5 to 3.0% in 2024. If premiums are lowered this time, it will mark the fourth consecutive year of reductions.