South Korea's auto insurance sector recorded underwriting losses of 708 billion won in 2024 as the combined ratio rose to 103.7%, exceeding break-even, though investment income of 803.1 billion won kept total profits positive at 95.1 billion won despite an 83.9% decline from the previous year.
South Korea's Financial Supervisory Service extends insurance fraud reporting period through October, expanding coverage to auto insurance with rewards up to 50 million won for whistleblowers as part of enhanced crackdown efforts in cooperation with police authorities.
South Korea's major non-life insurers posted an 86.2% auto insurance loss ratio in February, remaining above the 80% break-even threshold despite recent premium hikes, as accumulated losses continue to pressure profitability amid reduced holiday traffic and accident numbers.
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