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S. KOREA'S AUTO INSURANCE MARKET TOPS US$8 BLN IN FISCAL 2008

 

Wednesday, Sep 09,2009, 3:45:55 PM   Click:

Premiums collected by auto insurers in South Korea rose above 10 trillion won (US$8.14 billion) for the first time in the fiscal year of 2008, fueled by a steady growth in new-car registrations, an industry report showed Wednesday.

Since 1999, the nation's auto insurance market has grown at an annual compound growth rate of 7.8 per cent to 10.4 trillion won in the fiscal year of 2008, the Korea Insurance Development Institute said in a report.

Over the past decade in South Korea, the number of insured cars, trucks and buses rose to 16.89 million from 11.38 million, according to the report.

By the value of premiums, South Korea's auto insurance market ranked ninth place among the 30 members of the Paris-based Organization for Economic Cooperation and Development, the report said.

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