According to the insurance industry on May 21, the average loss ratio for auto insurance among the four major companies—Samsung Fire & Marine, Hyundai Marine & Fire, DB Insurance, and KB Insurance—was 85.4% in April, a decrease of 0.3 percentage points from 85.7% in the same month last year.
The rise in auto insurance premiums earlier this year appears to have had some effect, along with a reduction in the number of accidents compared to the same month last year.
However, due to a deterioration in loss ratios throughout the first quarter, the cumulative loss ratio for April stands at 85.8%, an increase of 2.5 percentage points compared to the same period last year.
An industry official stated, "Considering the expected increase in accidents due to rising traffic volume in May, along with issues such as excessive medical treatments for minor injuries and rising costs for parts and repairs, the outlook for future loss ratios is somewhat negative."
* This article has been translated by AI.
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