The loss ratio for auto insurance among South Korea's top four non-life insurers dropped by nearly 6 percentage points last month compared to the same month last year. However, the loss ratio increased compared to the previous month, and the cumulative loss ratio for the year is higher than last year.
According to the insurance industry on August 24, the average loss ratio for auto insurance among Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, KB Insurance, and DB Insurance was recorded at 86.2% last month. This is a decrease of 5.9 percentage points from 92.1% in July of last year, but an increase of 2.8 percentage points from 83.4% in June of this year.
By company, Hyundai Marine & Fire Insurance had the highest loss ratio at 88.4%, followed by DB Insurance at 86.1%, KB Insurance at 85.8%, and Samsung Fire & Marine Insurance at 84.7%.
All four companies improved their loss ratios compared to July of last year. KB Insurance saw a decrease of 7.4 percentage points, Samsung Fire & Marine Insurance decreased by 6.5 percentage points, DB Insurance dropped by 5.6 percentage points, and Hyundai Marine & Fire Insurance fell by 4.0 percentage points.
However, the cumulative loss ratio for January to July this year averaged 84.8% across the four companies, which is an increase of 0.7 percentage points from 84.0% during the same period last year.
In terms of cumulative loss ratios, DB Insurance had the highest at 85.2%. KB Insurance and Hyundai Marine & Fire Insurance both stood at 84.8%, while Samsung Fire & Marine Insurance was at 84.3%. Compared to the same period last year, DB Insurance increased by 2.0 percentage points, KB Insurance by 0.9 percentage points, and Hyundai Marine & Fire Insurance by 0.2 percentage points, while Samsung Fire & Marine Insurance saw a decrease of 0.1 percentage points.
* This article has been translated by AI.
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