Taiwan's insurance industry has seen robust growth throughout this year to date, Taiwan Insurance Institute Chairman Kuei Hsien-nung has said.
In the first 10 months of this year, life insurance companies posted NT$112.1 billion (US$3.73 billion) in pretax profits, 17% higher than in the same period last year, while total premium collections rose by 13.4% to NT$2.78 trillion, reported The Taipei Times citing Mr Kuei.
General insurers saw pretax profits rise 13.4% to NT$13.3 billion from January to October, with total premiums gaining 7.4% to NT$130.3 billion, he said.
Mr Kuei is upbeat about further growth for insurers as regulators continue to ease controls on investments in the government’s “Five plus two” industrial innovation plan, which could help cut reliance on overseas investments and tackle the challenges of Taiwan’s aging population and shrinking workforce.
The “Five plus two” programme refers to the initial five “pillar industries” of the Internet of Things, biomedical, green energy, smart machinery and defence. Added later were high-value agriculture and the recyling economy.