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Loss rate for auto insurance drops in 2020 amid pandemic
By YonhapPublished : March 31, 2021 - 13:38
Non-life insurers' loss rate for their car insurance businesses dropped last year, thanks to fewer car accidents amid the COVID-19 pandemic, data showed Wednesday.
The nation's 12 non-life insurers posted an average loss rate of 85.7 percent last year, compared with 92.9 percent a year ago, according to the data by the Financial Supervisory Service (FSS).
The loss rate refers to the proportion of coverage a non-life insurer pays to its policyholders from insurance premiums. The higher the loss rate is, the more likely the insurer will suffer more of a burden.
Supported by the drop in loss rate, the non-life insurers reported a combined operating loss of 379.9 billion won ($335 million) last year, compared with a loss of 1.6 trillion won in 2019.
South Korea's auto insurance market grew 11.6 percent on year to 19.6 trillion won in 2020, the data showed. (Yonhap)
The nation's 12 non-life insurers posted an average loss rate of 85.7 percent last year, compared with 92.9 percent a year ago, according to the data by the Financial Supervisory Service (FSS).
The loss rate refers to the proportion of coverage a non-life insurer pays to its policyholders from insurance premiums. The higher the loss rate is, the more likely the insurer will suffer more of a burden.
Supported by the drop in loss rate, the non-life insurers reported a combined operating loss of 379.9 billion won ($335 million) last year, compared with a loss of 1.6 trillion won in 2019.
South Korea's auto insurance market grew 11.6 percent on year to 19.6 trillion won in 2020, the data showed. (Yonhap)
