Meritz Fire & Marine Insurance Lowers Car Insurance Premiums for 4 Consecutive Years... 1.0%↓ This Year

"As Part of Win-Win Finance Policy...
To Be Applied to Contracts Commencing Coverage After Mid-March"

Meritz Fire & Marine Insurance announced on the 22nd that it plans to reduce personal automobile insurance premiums by 1% this year. This marks the fourth consecutive year of lowering auto insurance premiums in line with the financial authorities' win-win finance policy.

Meritz Fire & Marine Insurance Gangnam Office. Provided by Meritz Fire & Marine Insurance

Meritz Fire & Marine Insurance stated that the final timing of the premium reduction will be confirmed through internal procedures and is expected to be applied to contracts commencing coverage in mid-March.

Meritz Fire & Marine Insurance explained that it decided to lower auto insurance premiums for the fourth consecutive year in accordance with the financial authorities' win-win finance policy. Premiums were reduced by 1.3% in 2022, 2.5% in 2023, 3% last year, and will be lowered by 1% this year as well.

Meritz Fire & Marine Insurance explained that since it reduced operating expenses through efficient cost management last year, it decided to lower auto insurance premiums as a way to return benefits to customers. Despite the worsening auto insurance loss ratio, it took a proactive reduction to share the economic burden of ordinary citizens caused by high inflation.

A Meritz Fire & Marine Insurance official said, "This auto insurance premium adjustment is being implemented in accordance with the principle of best estimate cost," adding, "We expect it will help enhance product price competitiveness as well as alleviate the economic burden on ordinary citizens struggling due to the economic downturn."