October Big 4 Non-Life Insurers' Auto Insurance Loss Ratio at 85.2%... "Increase in Autumn Travelers"

Last month, the loss ratio of automobile insurance for major non-life insurance companies surged by 3.7 percentage points compared to a year ago.

According to the non-life insurance industry on the 21st, the average automobile insurance loss ratio (simple average of 4 companies) of four major non-life insurers?Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, and KB Insurance?was 85.2% last month, up 3.7 percentage points from 81.5% in the same period last year.

Looking at the automobile insurance loss ratio by insurer last month, Samsung Fire & Marine Insurance recorded 84.2%, Hyundai Marine & Fire Insurance 85.8%, KB Insurance 87.8%, and DB Insurance 82.9%. Lotte Insurance (87.8%), Hanwha General Insurance (86.8%), and Meritz Fire & Marine Insurance (86.1%) also all exceeded a loss ratio of 85%. Generally, a loss ratio of 80% is considered the breakeven point for automobile insurance.

The cumulative loss ratio of the four major non-life insurers from January to October this year was 81.5%, up 2.9 percentage points from 78.6% last year.

An industry insider said, "The increase in loss ratio was due to a rise in autumn travelers and parts costs," adding, "With an expected increase in accidents caused by icy roads in winter, the loss ratio is likely to worsen further this year."

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