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Non-Life Insurers to Cut Auto Insurance Fees.
(From Korea Times)
Domestic non-life insurance companies will cut premiums (insurance fees) for auto insurance up to a maximum of 6.2 percent, starting today, the Financial Supervisory Service (FSS) said yesterday.
The FSS said that 11 of 14 non-life insurers reported they would slash automobile insurance fees from 1 percent to 6.2 percent.
The insurers, such as LG, Hyundai and Samsung, also said that customers in the age group between 35 to 40 would enjoy a 7-percent discount on auto insurance, as they are the insurers' main customers.
``While insurance fees for the age group between 27 and 50, which accounts for 76.7 percent of total policyholders will be lower, the rest will have to bear raised fees,'' Kim Chi-joong, director of the insurance supervision department at the FSS said.
Green Fire Insurance had the maximum 6.2 percent cut, followed by Shindongah Fire & Marine with 4 percent, Dongbu and Daehan with 3.7 percent, ...
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