"Ensure Car Insurance Premiums Do Not Burden People's Livelihoods"

The Democratic Party pressures for car insurance premium cuts... "To avoid burdening people's livelihoods"

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] The People Power Party has repeatedly pressured for a reduction in car insurance premiums, which drivers are required to subscribe to.

On the 6th, Seong Il-jong, chairman of the People Power Party's Policy Committee, stated at the government-party policy coordination meeting, "We will explore various proactive support measures to prevent the economic difficulties of vulnerable groups from worsening amid the global economic crisis."

He added, "In particular, car insurance is mandatory, and it significantly affects people's livelihoods to the extent that it is included in the consumer price index."

Chairman Seong said, "We will examine whether market trends and autonomous functions are operating in car insurance so that car insurance premiums do not become a burden on people's livelihoods."

At the National Assembly audit countermeasure meeting on September 30, Chairman Seong also said, "Non-life insurance companies, which should be a strong support for people suffering from high exchange rates and high prices, are making huge profits," and urged, "A substantial reduction in car insurance premiums is necessary."

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