A leading insurance company in the country will raise car insurance premiums by one-point-five percent from early next month.

Samsung Fire and Marine Insurance said on Tuesday that it will increase its auto premiums by one-point-five percent in the first week of June, saying the hike is inevitable due to rising costs.

Most other insurance companies are expected to follow suit. 

Last month, local insurance companies requested the Korea Insurance Development Institute to examine and verify their hike plans for basic premium rates.

The move came after the Supreme Court ruled earlier this year that the maximum working age should be raised from 60 to 65.