The Democratic Party Demands Car Insurance Premium Reduction: "Hope Large Insurers Lead the Way"

At the People Power Party's Floor Strategy Meeting, Policy Committee Chair Yoo Ui-dong
"Q3 Auto Insurance Operating Profit Has Potential to Surpass Last Year's"

Yu Eui-dong, Chairman of the Policy Committee of the People Power Party, urged major automobile insurance companies on the 24th to take the lead in lowering insurance premiums.

At the party floor countermeasure meeting held at the National Assembly that day, Chairman Yu said, "The operating profit of automobile insurance has already exceeded last year's level up to the third quarter of this year," and added, "I hope that a plan to reduce automobile insurance premiums that meets the public's expectations will come out soon through prompt consultations."

Yu Eui-dong, Chairman of the Policy Committee of the People Power Party, is speaking at the Public-Private Council on Directions for Improving the Short Selling System to Restore Investor Confidence held at the National Assembly on the 16th. Photo by Kim Hyun-min kimhyun81@

Chairman Yu stated, "As the triple crisis of high inflation, high interest rates, and high exchange rates continues, making life more difficult for ordinary people, automobile insurance, which is unavoidable for livelihood, is indeed a heavy burden for our citizens," and requested, "Considering the impact on the national economy, I ask for active efforts to stabilize prices." He also added, "Automobile insurance is mandatory for vehicle owners, with over 25 million policies subscribed."

Currently, financial authorities are reportedly reviewing measures to reduce automobile insurance premiums through non-life insurance companies. In addition, discussions are underway to establish a social contribution fund amounting to 100 billion won.

Chairman Yu said, "I ask large automobile insurance companies with favorable business performance to take the lead and examine their capacity to lower insurance premiums."

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