KB?Sonhae Insurance Lowers Personal Auto Insurance Premiums by 1.4%
[Asia Economy Reporter Changhwan Lee] KB Insurance announced on the 14th that it will reduce personal automobile insurance premiums by 1.4% starting from contracts with coverage beginning on the 11th of next month.
The company explained that this decision was made to reflect the improvement in automobile insurance loss ratios due to a decrease in accidents caused by reduced vehicle usage amid the prolonged COVID-19 pandemic last year.
Last year, KB Insurance's automobile insurance loss ratio was 81.5%, a 3.2 percentage point decrease compared to 2020.
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A KB Insurance official stated, “We have been cautious in adjusting premiums amid ongoing factors increasing costs such as accumulated automobile insurance deficits and rising repair fees. However, through this premium reduction, we decided to share the benefits of improved loss ratios with our customers. Going forward, KB Insurance will ensure that automobile insurance premiums are set at reasonable levels linked to loss ratios.”
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