auto insurance-loss rate

Loss rate for auto insurance up through April

SEOUL, May 21 (Yonhap) -- Non-life insurers' loss rate for their auto insurance businesses rose in the first four months of the year due to a rise in traffic and increased costs, industry data showed Thursday.

The nation's four major non-life insurers, including Samsung Non-Life Insurance, logged an average loss rate of 85.8 percent for auto insurance in the January-April period, according to the data.

The reading marks a 2.5 percentage-point rise from a year earlier.

In April alone, the rate stood at 85.4 percent, down 0.3 percentage point from a year earlier, the data showed.

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 it is for the insurer to go into the red.

(END)

[ⓒ K-VIBE. 무단전재-재배포 금지]