Auto Insurance Loss Ratio at 84.7% Through September, Down 0.8 Percentage Points Year on Year

Loss ratio slightly above the 80% break-even point
Down 9.2 percentage points in September year over year

The cumulative loss ratio for auto insurance through September was slightly lower than a year earlier.

Yonhap News Agency

According to the non-life insurance industry on October 23, the simple average cumulative loss ratio for auto insurance at the four major insurers—Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, DB Insurance and KB Insurance—was 84.7% from January through September this year, down 0.8 percentage points from the same period last year.

This is believed to reflect the limited impact of this year's premium increases, following four consecutive years of premium cuts.

The loss ratio in September was 85%, a sharp decrease of 9.2 percentage points from the same month last year.

However, it remained above 80%, the level considered the break-even point for auto insurance.

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