Samsung Fire & Marine cuts auto insurance premiums by 2.8%

Samsung Fire & Marine’s headquarters

Samsung Fire & Marine Insurance Co. announced Monday that it will reduce auto insurance premiums by 2.8 percent for this year. The adjustment comes after considering a 2.6 percent reduction in premiums last month, with the company ultimately opting for a slightly higher rate cut.

Samsung Fire & Marine Insurance said that the 2.8 percent cut in personal auto insurance premiums will be effective from the commencement of policies on February 16.

“Despite factors contributing to an increase in insurance costs, we have decided to lower auto insurance premiums to share the burden of rising living expenses and fulfill our social responsibility by providing benefits to consumers,” said an official from Samsung Fire & Marine Insurance.

The move follows similar initiatives by other major property and casualty insurers in South Korea, including KB Insurance, Hyundai Marine & Fire Insurance, and DB Insurance. As part of collaborative financial efforts, the insurers had previously announced reductions ranging from 2.5 percent to 2.6 percent in auto insurance premiums.