Insurance Relief for Delivery Riders: 20–30% Premium Cuts and Expanded Hourly Policies
Creatrip Team
3 months ago
South Korea plans to reduce compulsory personal injury insurance premiums for delivery motorcycle riders by 20–30% and expand eligibility for hourly (time-limited) insurance to lower costs for gig workers. The Financial Supervisory Service will require insurers to recalculate rates using industry statistics and aims to allow riders to transfer discount grades when replacing their bike. The hourly insurance minimum age will be lowered from 24 to 21 to improve access. Regulators also plan to revise insurers’ rate manuals early next year and are considering a surcharge-grade system (similar to car insurance 'surcharge/bonus' grading) for motorcycles.
