Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
Man convicted after binge eating to avoid military service
-
4
First snow to fall in Seoul on Wednesday
-
5
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
6
Industry experts predicts tough choices as NewJeans' ultimatum nears
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
9
Job creation lowest on record among under-30s
-
10
Opposition chief acquitted of instigating perjury
Korean nonlife insurers are expected to suffer losses in their car insurance business for the 2011 fiscal year, largely due to massive payouts caused by the downpour that battered the country last summer, data showed Wednesday.
The combined losses of 14 local nonlife insurers reached 321.8 billion won ($286.0 million) in the April-December period in 2011, according to the nonlife insurance association data.
The association said losses worth 56.2 billion won were tallied as a result of the heavy rains in July that submerged many cars.
This was followed by losses reaching 152.4 billion in November and December, due to an unusually high number of accidents.
Some industry watchers said the insurers’ sizable losses run counter to recent moves to cut the premiums for car insurance. This move has been pushed by the local financial regulator.
On Tuesday, major nonlife insurers, including leading player Samsung Fire & Marine Insurance Co., decided to lower their car insurance premiums by 2.3 percent.
(Yonhap News)
The combined losses of 14 local nonlife insurers reached 321.8 billion won ($286.0 million) in the April-December period in 2011, according to the nonlife insurance association data.
The association said losses worth 56.2 billion won were tallied as a result of the heavy rains in July that submerged many cars.
This was followed by losses reaching 152.4 billion in November and December, due to an unusually high number of accidents.
Some industry watchers said the insurers’ sizable losses run counter to recent moves to cut the premiums for car insurance. This move has been pushed by the local financial regulator.
On Tuesday, major nonlife insurers, including leading player Samsung Fire & Marine Insurance Co., decided to lower their car insurance premiums by 2.3 percent.
(Yonhap News)
-
Articles by Korea Herald
