Through July this year, the cumulative loss ratio for auto insurance rose slightly from last year.
According to the non-life insurance industry on the 24th, the cumulative auto insurance loss ratio (simple average) for January to July this year at the four major companies — Samsung Fire & Marine Insurance(000810), Hyundai Marine & Fire Insurance(001450), DB Insurance(005830), and KB Insurance — was 84.8%, up 0.8 percentage points from the same period last year. However, the July loss ratio was 86.2%, down 5.9 percentage points from a year earlier.
Last year, heavy rain damage was concentrated in July, but this year, flooding and wet-road accidents caused by torrential downpours in Geoje and Tongyeong occurred in August. A non-life insurance industry official said, "Due to cost drivers such as August torrential rain damage, higher repair charges, and higher daily worker wages, the loss ratio will worsen going forward."