The combined net income of insurance companies that offer motor insurance reached KRW332.2bn ($248m) in the January-June period, down by 40.2% from KRW555.9bn for the corresponding period last year, according to the preliminary data from the Financial Supervisory Service (FSS).
This was due to an increase in the number of accidents, reported Yonhap News Agency. The number of accidents in the country jumped from 1.78m in the first half of last year to 1.84m in 1H2024, while the average amount of damage from each accident also shot up to KRW4.24m in 1H2024 from KRW4.18m in 12023.
The FSS said that there were 12 out of the total 31 non-life insurers in the country that offer auto insurance. Four of them enjoyed a combined market share of 85.4% in the first half, up by 0.1 percentage point from a year earlier.