SEOUL, June 7 (Korea Bizwire) – With the Korea Insurance Development Institute due to reveal its reference net premium rates for electric cars by the end of June, industry watchers are speculating that premiums for EVs will be some 10 percent lower than gasoline or diesel-powered vehicles. The reference premium rate will be based on [...]
SEOUL, March 20 (Korea Bizwire) – One of the industries that self-driving vehicles will reshape is the insurance sector, and the question of who should take responsibility in the event of an accident is still being debated in several countries, including South Korea, where autonomous vehicles are just starting to be introduced to the market. [...]
SEOUL, Jan. 2 (Korea Bizwire) – Starting Monday, consumers will have more options available when they search for car insurance on Boheom Damoa (e-insmarket.or.kr), a comparison website for various insurance products (including car, health, travel, etc.). According to the Financial Services Commission, the website, which in the past only allowed insurance premium comparisons for domestic [...]
SEOUL, Sept. 26 (Korea Bizwire) – Amid rapid automotive innovation that has promoted enhanced driving safety, car insurance may gradually become nonessential. According to a KIDI report released Monday, if 50 percent of domestic vehicles are equipped with level 1 function-specific automation (NHTSA), including autonomous emergency and autonomous reverse braking technologies, annual insurance payouts will [...]
SEOUL, July 19 (Korea Bizwire) – The loss ratio in the automobile insurance industry refers to the total loss paid by an insurance company in the form of claims out of total collected premiums, for which the ratio must be kept at 78 percent for insurance companies to avoid incurring losses. However, the car insurance industry in [...]
SEOUL, Apr. 29 (Korea Bizwire) – New types of car insurance plans which determine premiums based on driving patterns and trip information are being developed. Hyundai Marine & Fire Insurance (HI) has developed a new product called ‘Hi-Car BlueLink/UVO Insurance Plan’, which will be available mid-May. Hyundai’s BlueLink and Kia’s UVO telematics systems will collect [...]
SEOUL, Dec.3 (Korea Bizwire) – Second-tier car insurance companies will launch plans that can be purchased online, starting from January 1. Since the internet insurance supermarket known as Insurance Damoa officially opened on November 30, the competition to draw clients online is increasingly fierce. According to industry analysts, Hyundai Marine & Fire Insurance will launch [...]
SEOUL, Oct. 4 (Korea Bizwire) – The higher the demand for imported vehicles has soared up, the much greater the financial size of South Korea’s credit-specialized finance companies (CSFCs) for auto installment loans and facility leasing is for the first half of 2014. According to the report from the Financial Supervisory Service in South Korea, [...]
SEOUL, Aug. 23 (Korea Bizwire) – It is expected that from the year of 2018 the more drivers may have accidents, the more they will pay insurance premiums, regardless of the damage size. According to the revision of the auto insurance premium ratings system by the Financial Supervisory Service (FSS), the current system determined by the [...]