"Car Insurance Premiums Decrease" DB Insurance and Hyundai Marine & Fire Insurance to Reduce Rates Next Month

[Asia Economy Reporter Changhwan Lee] Following Samsung Fire & Marine Insurance, DB Insurance and Hyundai Marine & Fire Insurance are also set to reduce car insurance premiums starting next month.

According to the insurance industry on the 12th, DB Insurance and Hyundai Marine & Fire Insurance will lower personal car insurance premiums by 1.3% and 1.2%, respectively.

DB Insurance is expected to apply the reduced premiums from contracts starting on the 16th of next month, while Hyundai Marine & Fire Insurance will apply them from contracts starting on the 13th of next month.

Earlier, Samsung Fire & Marine Insurance announced a 1.2% reduction in personal car insurance premiums, effective from the 11th of next month.

This adjustment in car insurance premiums comes after more than two years since the last increase of around 3% in January 2020.

The three major companies explained that they decided to reduce premiums to share the benefits of improved car insurance loss ratios with customers, due to decreased vehicle usage and fewer accidents amid the prolonged COVID-19 pandemic.

As the three major insurers implement premium reductions, other non-life insurers are also expected to adjust their premiums similarly in succession.

This content was produced with the assistance of AI translation services.