Car Insurance Premiums Keep Dropping... DB Insurance Also Lowers by 2.0%
Three of the 'Big 4' All Decline
[Asia Economy Reporter Minwoo Lee] Following Hyundai Marine & Fire Insurance and KB Insurance, DB Insurance has also decided to lower automobile insurance premiums starting next year.
DB Insurance announced on the 22nd that it will reduce personal automobile insurance premiums by 2.0%. As a result, the average premium per subscriber will decrease by approximately 17,000 KRW.
DB Insurance plans to apply the reduced premiums from contracts with coverage starting February 26, after completing premium rate verification and preparing its IT systems. This is the first time DB Insurance has lowered automobile insurance premiums since last April.
With this, three of the 'Big 4' insurers?Hyundai Marine & Fire Insurance, KB Insurance, and DB Insurance?have all reduced automobile insurance premiums.
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A DB Insurance official explained, "Although an increase in accident rates and insurance costs such as repair fees is expected following the end of the COVID-19 situation, we decided to lower automobile insurance premiums to share the burden of hardship faced by the majority of the public due to high inflation."
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