South Korea’s four major non-life insurers recorded an average auto insurance loss ratio of 84.0% in August, down 2.7 percentage points from the same month last year. However, the January-August cumulative ratio rose 0.3 percentage points year on year to 84.7%, remaining above the roughly 80% break-even level used by the industry. Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, DB Insurance and KB Insurance comprise the four-company group. A roughly 1% premium increase this year has not offset the effects of four consecutive years of reductions from 2022 through last year. August’s improvement reflected an approximately 5% decline in both bodily injury and property-damage accidents, but insurers expect Chuseok travel, higher repair costs and rising daily wages to pressure loss ratios further.