Pilot Project for Green Auto Insurance to be Carried Out
Pilot Project for Green Auto Insurance to be Carried Out
  • Korea IT Times
  • 승인 2011.04.07 10:19
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An eco-friendly auto insurance, by which carbon emission can be reduced and car insurance cost can be cut down, is to be released. The Ministry of Environment, Busan Metropolitan City, Suwon City, Hanwha General Insurance Co., Ltd. and Eco-Frontier signed an MOU on a pilot project for green auto insurance on March 31, 2011. It is the first time that the ministry, local governments, an insurance company and an emission trading management company made an MOU on a pilot project to reduce greenhouse gas.

The ministry ran a public competition for an 'insurance business for reduction of CO2 emission' through the General Insurance Association of Korea in December 2010. After review by experts, the ministry selected 'green auto insurance' by Hanwha General Insurance Co., Ltd because it can encourage green lifestyle, connecting CO2 reduction policies.

The pilot project for green auto insurance will be carried out for 20,000 automobiles in Busan and Suwon for two years and extended to the whole nation. The green auto insurance gives car owners individual emission trading (green car credit*) in proportion to reduced mileage and refunds some insurance costs from profit on sales of emission trading.

※ Green Car Credit : Voluntary emission trading issued by an emission trading management company by reduced mileage of an individual's car

With the local governments, the ministry entrusts the green auto insurance business to the insurance company and develops related systems. Also, the insurance company provides the green auto insurance policyholders with On-Board Diagnostics to check mileage and forward the result to the emission trading management company. The emission trading management company calculates individual emission trading by reduced mileage and provides breakdown of emission trading for the insurance company then the company refunds insurance costs.

If the 20,000 participating automobiles cut down mileage by 2000km by an automobile per year, the amount of CO2 that can be reduced is about 8,400ton, equal to the amount reduced by 1,680,000 pine trees. In addition, 3,260,000 liters of oil can be decreased, cutting down about 5.54billion won. Economic effect by reduced traffic congestion is expected to be about 3.32billion won.

source: Apec-vc Korea

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