Last year, auto insurance recorded an operating surplus for the first time in four years.
According to the Financial Supervisory Service, auto insurance operating profit of non-life insurers last year was 398.1 billion won, an improvement of 778 billion won from a year ago, the first profit since 2017.
In the followingmath of COVID-19, the amount of travel decreased and the accident rate fell, while insurance premiums rose and premium income increased by 8.1%.
Meanwhile, the market share of the four major non-life insurers, Samsung Fire & Marine Insurance, Hyundai Marine & Marine Insurance, KB Insurance and DB Insurance, stood at 84.7%, up 5.6 percentage points from four years ago.
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