Auto Insurance Loss Ratio Reaches 82.8% in January-May, Up 3.4 Percentage Points Year-on-Year
May Loss Ratio at 81.2%
Up 1.6 Percentage Points Year-on-Year
The combined auto insurance loss ratio of major non-life insurance companies for the period from January to May has increased by more than 3 percentage points compared to the same period last year.
According to the non-life insurance industry on June 24, the auto insurance loss ratio for the five major companies?Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, DB Insurance, KB Insurance, and Meritz Fire & Marine Insurance?stood at 82.8% for January to May this year, up 3.4 percentage points from the same period a year earlier.
The loss ratio for last month was 81.2%, a rise of 1.6 percentage points compared to the same month last year. The insurance industry generally considers the break-even point for auto insurance loss ratios at around 82% for large insurers.
An industry official explained, "The loss ratio has increased due to reductions in auto insurance premiums and a rise in travel demand." The official also added, "The auto insurance loss ratio is expected to rise further going forward, due to damages from summer monsoon rains and increasing repair costs."
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