Average loss insurance premiums for next year are 7.5% ↑...Highest 3rd Generation Increase Rate

Medical insurance premiums for loss will increase by an average of 7.5% next year.

The Korea Life Insurance Association and the Korea Non-life Insurance Association said today (24th) that the average increase rate of the total loss medical insurance next year was calculated to be 7.5%.

This scale is 0.7%p lower than the annual average increase rate of 8.2% for the past three years.

Specifically, the third generation had the highest increase rate with an average of 20%.

The first generation rises only 2% and the second generation rises only 6%, and the fourth generation released in 2021 rises by 13%.

Meanwhile, the loss ratio of loss insurance continued to rise due to over-treatment of some non-payment items.

The loss ratio of loss insurance for large non-life insurers in the first half of this year was 118.5%, up 0.2%p from last year.

If the loss ratio is higher than 100%, it means a deficit.