Total Auto Insurance Profit/Loss Down 37.7% in First Half… Insurance Profit Turns to Deficit for First Time in 6 Years
4 Articles
4 Articles
The Financial Supervisory Service announced on the 15th that the automobile insurance sector recorded a loss of 184.8 billion won in the first half of this year. During the same period, the loss ratio for automobile insurance stood at 84.9%, a 1.6 percentage point increase from the same period last year (83.3%). The combined ratio, which combines the loss ratio and the expense ratio, stood at 101.9%, surpassing the break-even point of 100% and m…
(Seoul = Yonhap News) Reporter Kang Su-ryeon = As automobile insurance profits and losses turned into a deficit in the first half of this year for the first time in six years, total profits and losses decreased by nearly 40% compared to the same period last year...
[Digital Daily Reporter Kim Nam-gyu] Domestic insurance companies posted a deficit of 184.8 billion won in their auto insurance operations during the first half of this year. While premium revenue increased due to premium hikes and a rise in insured vehicles, compensation costs—such as medical expenses and repair labor costs—inflated even faster. The four major companies—Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, KB Insura…
It was found that the profit and loss of automobile insurance in the first half of this year turned into a deficit for the first time in six years. This is attributed to a sharp decline in insurance profits due to rising loss ratios and increased medical expenses.
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