Insurers to increase car insurance coverage premiums

SEOUL, March 27 (Yonhap) — Insurance coverage companies are raising auto insurance premiums for taxis and trucks by up to 14 %, the very first such hike in 4 many years, market sources mentioned Thursday.

“The financial authorities are enabling the top 5 nonlife insurers to raise insurance coverage premiums only for services and company vehicles, and smaller sized firms are permitted to enhance personal auto premiums as effectively, as they have suffered monetary problems,” stated an official from the Monetary Supervisory Services (FSS).

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