Auto Insurance Premiums to Rise From February... Major Insurers Up to 1.4% Increase

Samsung Fire & Marine and Hyundai Marine & Fire to Raise Rates by 1.4%, DB Insurance by 1.3%
Annual Premium per Person to Increase by About 9,000 Won
Hike Applies to New and Renewed Contracts

Major non-life insurance companies are raising their auto insurance premiums for the first time in five years.

According to the insurance industry on January 12, four major non-life insurers-Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, and KB Insurance-have recently completed rate verification by the Insurance Development Institute and decided to increase auto insurance premiums by 1.3% to 1.4%. They plan to set the start date for sales next month and apply the increased premium rates to new and renewed contracts. This is the first auto insurance premium hike since 2021, marking a five-year gap.

The increase rates have been set at 1.4% for Samsung Fire & Marine Insurance and Hyundai Marine & Fire Insurance, and 1.3% for DB Insurance.

As of 2024, the average annual auto insurance premium in Korea was about 692,000 won. With this increase, the annual insurance cost per person is expected to rise by approximately 9,000 won.

Car accident image.