DB Insurance Lowers Car Insurance Premiums by 0.8%

"Decision Made in Line with Authorities' 'Win-Win Finance' Policy"

DB Insurance announced on the 24th that it plans to reduce personal automobile insurance premiums by 0.8%.

After preparations such as verifying insurance rates, DB Insurance plans to apply the reduced premiums starting from contracts with coverage beginning in early April. The average premium per subscriber is expected to decrease by about 7,000 KRW.

Following a 2.5% reduction in personal auto insurance premiums last year, DB Insurance said it plans to lower them by 0.8% this year as well. This will mark the fourth consecutive year of premium reductions since 2022.

Although the loss ratio worsened last year due to heavy snowfall and other factors, the company explained that it decided to lower premiums in line with the financial authorities' 'win-win finance' policy.

A DB Insurance official stated, "In a situation where inflation and economic recession are prolonged, we decided to reduce auto insurance premiums to share the burden with ordinary citizens," adding, "The final premium reduction rate and the timing of its application may change depending on the schedule for rate verification."