Car insurance premiums are expected to rise by around three percent in November or December.
 
According to financial authorities and the industry, Meritz Fire and Marine Insurance, which accounts for five percent of the auto insurance market, recently requested the Korea Insurance Development Institute to examine and verify its three-percent hike plan for basic premium rates.
 
Samsung Fire and Marine Insurance, the leader in the market, is likely to take a similar step soon, with four other major non-life insurers expected to follow suit.
 
These firms are reportedly considering also about a three-percent rise, which reflects the rise in car maintenance costs.