In the face of the recent growing deficit in auto insurance, the insurance industry is diversifying ..

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In the face of the recent growing deficit in auto insurance, the insurance industry is diversifying its products by expanding the scope of coverage or offering insurance premiums to subscribers with low driving volume.

According to the industry on the 11th, the reason for the diversification of auto insurance coverage is that as car insurance is mainly focused on large insurance companies, small and medium-sized companies are trying to attract subscribers and large companies are trying to reduce the recent increase in loss rates through safe driving.

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The loss ratio refers to the ratio paid to insurance premiums received by insurance companies, because the loss ratio has increased significantly recently. In the first half of this year, the loss ratio of the five large non-life insurers was 82.6%, up 3.2 percentage points from the same period last year. The auto insurance loss ratio Maginot Line is considered to be 82%, but it has actually entered a deficit section.

As a result, some say that raising auto insurance premiums is inevitable. In the meantime, the loss ratio has not been decreasing at a time when the burden has accumulated as insurance companies have cut auto insurance premiums for four years. Moreover, as the summer vacation period enters, the accident rate increases due to the increase in driving volume, which could lead to a larger deficit. The industry believes that there are fewer factors to reduce losses in the second half of the year.

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In this situation, the scope of auto insurance coverage is diversifying. Hyundai Marine also supports guarantees for children and dogs accompanied by drivers. For example, in the event of an accident between a vehicle and a vehicle, the subscriber can receive a total of 700,000 won for dog care. In addition, if you are an accident-free customer for three years immediately before signing up for insurance, the premium will be discounted by up to 29%.

DB Insurance recently introduced a discount special contract according to the amount of public transportation used. For drivers and couples, if there are more than 50 cases of public transportation in the two months immediately preceding the insurance claim date, the insurance premium will be discounted by 10%. However, special discounts on emergency dispatch services are excluded, and conditions must be proved through tossing. There are also discounts based on the number of steps and the number of days you walk.

In addition, Hana Insurance guarantees outpatient treatment for automobile injuries if it receives grades 1 to 11 due to injuries due to traffic accidents between vehicles and vehicles for the first time in the industry this month. It is 30,000 won per day, and 900,000 won for up to 30 days. In addition, 50,000 won per day is guaranteed even when hospitalized, up to 1.5 million won. However, this applies only to collisions and contact accidents with other vehicles while driving a car or boarding.

An insurance company official said, “Usually, operating profit should be made in the first half of the year, but if you look at the recent trend, operating profit for automobile insurance is actually not there,” adding, “As it is not easy to raise insurance premiums, the composition of automobile insurance is also diversifying to defend the loss ratio.”