KB Sonbo Lowers Personal Car Insurance Premiums by 0.9%... "Joining Win-Win Finance"

Premium Reduction Applies to Contracts Starting from April 6

KB Insurance announced on the 18th that it will reduce personal automobile insurance premiums by 0.9% as part of its participation in win-win finance.

The reduction in automobile insurance premiums will apply to contracts with coverage starting from April 6. Following premium reductions of 1.4% in 2022, 2.0% in 2023, and 2.6% last year, KB Insurance has lowered automobile insurance premiums for four consecutive years including this year.

Last year, automobile insurance loss ratios worsened due to premium reductions under win-win finance and seasonal factors such as cold waves and heavy snowfall. However, KB Insurance decided on this reduction to share the economic burden with citizens struggling due to high interest rates and inflation, and to fulfill its social responsibility.

A KB Insurance official stated, “Although the automobile insurance market environment is challenging due to cost increases from higher maintenance fees and a rise in accident occurrences, we aimed to ease the burden on our customers through this premium reduction,” and added, “KB Insurance will continue to do its best to ensure that premiums are set at a reasonable level linked to loss ratios.”