Taiwanese health officials are encouraging those aged 30 and over to take advantage of a free health check covered under the country's national health insurance. Till 2024 this facility was only available to those aged 40 and above.
Consumption of alcohol, which is a known carcinogen, accounts for TWD5.3bn ($161m) in annual health insurance costs in Taiwan. It also contributes to traffic accidents caused by drunk driving which in turn lead to avoidable insurance payouts by the insurance companies.
Taiwan's proposed amendment to the Senior Citizens Welfare Act to exempt people aged 65 and above from paying National Health Insurance (NHI) premiums could create financial distress for the NHI programme. The programme is already running under severe financial strain.
Taiwan's insurance sector recorded a total pre-tax profit of $10.89b (TWD351.3b) in November 2024. Life insurance companies' contribution was $10.71b (TWD326.3b) in November 2024 according to the data from the Insurance Bureau.
Sedgwick has appointed Mr Cameron Lee as CEO for Taiwan; Mr Huoo-Lian "Andy" Liou as chairman for Taiwan; Mr Shuji Tanaka as CEO for operations for Japan and Mr Takeshi Nagao as chairman for Japan.
Marsh McLennan has appointed Mr Seth Peller as CEO of Hong Kong and Macau, subject to regulatory approval. He will take up his new role in addition to his current position as CEO of Taiwan.
The rate of Taiwan's labour insurance premium will go up to 12.5% in 2025 according to Taiwan's ministry of labour. This increase will impact around 10.51m workers.
The first-year premium income of the life insurance market in Taiwan will rise by between 5% and 10% next year, according to a 2025 insurance market forecast by the Taiwan Insurance Institute (TII).
The Financial Supervisory Commission (FSC), Taiwan's financial regulator, has reiterated that the risk coefficient applicable to the insurance industry's 100% investment in public infrastructure through domestic venture capital firms will be reduced.
Taiwan's life insurance sector is forecast to grow at a mid-single-digit rate in terms of premiums in 2025, said Fitch Ratings.