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[이데일리TV 이혜라 기자] On the 19th, in E-Daily TV’s Big Money Part 1’News in Issue’, Samsung Fire & Marine Insurance announced an increase in insurance premiums for old real-life insurance.
In a conference call after announcing the results of the 4th quarter of 2020, he said in a conference call, “We will increase insurance premiums by 19%, the largest in the industry.”
The former real non-life insurance was sold until September 2009 and then sold out. As of the third quarter of last year, the number of contracts was 8.66 million. After that, it was followed by standardized real loss insurance (2nd generation real loss) and new real loss insurance (since April 2017, good real loss).
In December of last year, the Financial Services Commission presented an opinion that reflects about 80% of the increase rate desired by insurance companies for old losses. Accordingly, it is expected that each company’s existing non-life insurance premiums will rise 15-17% in April, when the adjustment is made. Samsung Fire & Marine Insurance mentioned an increase of 2 percentage points higher than expected.
Meanwhile, as Samsung Fire & Marine Insurance, the No. 1 non-life insurance industry, raises its premiums in earnest, other insurance companies, such as the department, are expected to raise premiums.
Samsung Fire & Marine Insurance to raise premiums for old real-life insurance in April?
-Samsung Fire & Marine Insurance plans to increase 19% for old (1st generation) loss insurance
-Non-life insurance industry continues to appeal for “high loss ratio related to loss”
-Loss ratio: Ratio of insurance company payments/insurance premiums paid to subscribers
-Samsung Fire & Marine Insurance “We will continue to raise insurance premiums for loss loss and normalize loss ratio”
Isn’t the increase rate excessive?
-Measures to expand the deficit of real-life insurance
-The biggest increase in the industry… 15~17% increase expected by other companies
-The lowest increase in 2019-2020
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Should I change to a good loss or a fourth generation loss?
-Widening the gap in insurance premiums for real loss insurance by household
-It must be decided in consideration of age, health condition, insurance premium burden, etc.
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What do experts say?
-High insurance premium increases… Meaning’severe loss ratio’
-Industry “Insurance premium increase… Helps stabilize loss ratio”… Help with non-life insurers
[인터뷰: 정성희 실장 / 보험연구원 손해보험연구실]
“The insurance industry has a very high loss ratio. It’s close to 130%. Stabilization of the loss ratio is urgent, but in order to stabilize the loss ratio, it seems effective to raise insurance premiums appropriately. At the end of last year, I decided to increase the premium by 10%. Starting with Samsung Fire & Marine Insurance, all insurance companies will increase their premiums. Through this premium increase, the loss ratio of insurance companies is expected to stabilize.”