S. Korea`s auto insurance loss ratio increases in April

SEOUL, May 16 (Yonhap) -- South Korea's non-life insurance companies registered a
higher loss ratio in car insurance in April due mainly to a surge in the number
of auto accidents, industry sources said Saturday.
During April, the ratio of insurance claims to premiums rose to 72.5 percent
year-on-year, up 2.8 percentage points and higher than the non-life insurers'
expectations of a 70.5 percent auto insurance loss ratio.
The auto insurance loss ratio in South Korea was on the decline for the first
three months this year, falling from 76.3 percent in January to 68.9 percent in
February and to 66.9 percent in March.
Market watchers attributed the increase in car accidents to more drivers hitting
the roads amid falling oil prices.
According to the National Statistical Office this week, inflationary pressure is
easing as oil traded at below US$60 per barrel after nearing $150 per barrel last
summer.
From April 1-27 this year, the number of car accidents that caused deaths or
injuries rose 5.5 percent from last year to 93,191, while the number of accidents
that involved property damage rose 5.4 percent to 260,110.
ygkim@yna.co.kr
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