Meritz Fire & Marine Insurance announced on the 22nd that it plans to reduce personal auto insurance premiums by 1% this year.
The final reduction timing is expected to be determined through internal procedures and will likely apply to contracts starting in mid-March.
In line with the financial authorities' cooperative finance policy, Meritz Fire & Marine Insurance decided to lower auto insurance premiums for four consecutive years from 2022 to this year.
Meritz Fire & Marine Insurance decided to reduce premiums to return the savings made from efficient expense management in personal auto insurance last year to customers.
Despite the deterioration of the auto insurance loss ratio, the company took proactive measures to reduce premiums to share the economic burden of the rising cost of living faced by ordinary citizens.
A representative from Meritz Fire & Marine Insurance noted, "This adjustment of auto insurance premiums will be implemented in accordance with the principle of best cost estimation," and added, "We expect it will help alleviate some of the economic burden on ordinary citizens who are suffering from the recession, while also enhancing the product's price competitiveness."