Samsung Fire & Marine Insurance Lowers Car Insurance Premiums by 1% This Year

Four Consecutive Years of Reductions Since 2022
Part of Cooperative Finance Initiative

Samsung Fire & Marine Insurance announced on the 23rd that it plans to reduce personal automobile insurance premiums by 1% this year. The reduction will be implemented starting with contracts effective in early April.

This marks the first time in four consecutive years that auto insurance premiums have been lowered, following reductions of 1.2% in 2022, 2.1% in 2023, and 2.8% in 2024.

A Samsung Fire & Marine Insurance official stated, "Although we have been cautious about adjusting premiums due to ongoing increases in insurance costs such as repair fees, we decided to reduce automobile insurance premiums in line with the recent inflation challenges and the financial authorities' policy of cooperative finance."

The final premium reduction rate and the timing of its application may vary depending on the schedule for rate verification and other factors.