Major Insurance Companies Consider Lowering Scheduled Interest Rates... Will Premiums Rise Next Month?

[Financial News] As major non-life insurance companies are considering lowering scheduled interest rates, it is expected that premiums for major products will rise from next month.
According to the industry on the 14th, Samsung Fire & Marine Insurance, DB Insurance, KB Insurance, and Meritz Fire & Marine Insurance are reviewing whether to lower the scheduled interest rate, the reduction range, and the scope of applicable products for next month's premium setting.
Hyundai Marine & Fire Insurance, Samsung Life Insurance, Hanwha Life Insurance, and Kyobo Life Insurance are known not to have plans to lower scheduled interest rates.
The scheduled interest rate is the interest rate (discount rate) required to calculate the premium that must be charged monthly to pay the contracted insurance amount to the policyholder.
Insurance companies believe that lowering the scheduled interest rate is inevitable due to the recent base rate cut.

coddy@fnnews.com Ye Byeong-jeong Reporter