The expenditure of Taiwan's long-term care fund will exceed NT$80bn ($2.5bn) this year when the budget is expected to fall into a deficit, according to estimates from the Ministry of Health and Welfare.
The P&C insurance sector in Taiwan saw premium income increase by more than 10% to NT$243.7bn ($7.6bn) in 2023, having weathered the deluge of claims from the COVID-19 pandemic from 2020-2022.
Central Reinsurance Corporation, Taiwan's sole locally incorporated insurer, has posted a whopping 725% increase in net profit in 2023, according to financial statements posted on the reinsurer's website.
The Financial Supervisory Commission's (FSC) measure to allow Taiwanese insurers to issue bonds that count towards capital through the setting up of SPVs overseas will diversify their capital-raising channels in light of the domestic bond market's limited capacity, Fitch Ratings says.
The Financial Supervisory Commission (FSC) has opened the door for the insurance industry to issue bonds of a capital nature through the establishment of special-purpose vehicles abroad.
The Financial Supervisory Commission (FSC) has revised the island's regulations to promote the scope of microinsurance.
The underwriting profitability of KGI Life Insurance (China Life Insurance), Taiwan's fifth-largest insurer, is expected to remain stable, supported by a shift to higher-margin protection products, according to Fitch Ratings.
The product mix of life insurance companies in 2024 shows three major trends, namely, protection-type products as the main sales driver; a lower proportion of savings products and plans targeting the elderly and health.
The total premium income of the life insurance market in Taiwan in 2023 reached NT$2,024bn ($64.5bn), a decrease of 4.1% from 2022, according to data published by the Life Insurance Association of the Republic of China.
CDP, an international environmental NGO, has selected four Asian insurance groups as 'A list' companies, the highest rating in the CDP's Climate Change Assessment, recognising their efforts and information disclosure on climate change.