Slight Improvement in Auto Insurance Loss Ratio from January to February... Average at 78.3%

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In January and February of this year, the loss ratio of automobile insurance for major non-life insurance companies showed slight improvement compared to the previous year.

According to the non-life insurance industry on the 21st, the average automobile insurance loss ratio of the five major companies?Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, Meritz Fire & Marine Insurance, and KB Insurance?was 78.3% (simple average of the five companies) in January and February this year, down 0.4 percentage points from 78.7% during the same period last year. These five major companies hold about a 90% market share in automobile insurance.

Looking at the loss ratios by company for January and February, Hyundai Marine & Fire Insurance recorded 78.7%, and DB Insurance 78.3%, each decreasing by 3.8 percentage points and 2.4 percentage points respectively compared to the previous year. Meritz Fire & Marine Insurance (77.3%) and Samsung Fire & Marine Insurance (79.3%) increased by 2.7 percentage points and 1.7 percentage points respectively, while KB Insurance (78.0%) remained the same as the previous year.

The non-life insurance industry considers a loss ratio of around 80% as the breakeven point. The industry is currently concerned about a potential deterioration in loss ratios due to factors such as rising costs from consumer price inflation, increased maintenance fees, and reductions in automobile insurance premiums this year.

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