Insurers in Taiwan seem eager to invest in the "5 plus 2" industries being promoted by the government, having poured about NT$100bn ($3.23bn) into those sectors in a recent four-month period, the Financial Supervisory Commission (FSC) has announced.
Taiwanese insurance companies, which are looking for viable investment targets for their idle funds, invested NT$127.24bn in those sectors between September 2017 and August 2018, reports Central News Agency citing data from the FSC. Of that amount, more than NT$100 billion was invested from May to August 2018, the data showed.
The FSC did not provide more detailed figures on the types of investments made or what drove the surge during those four months other than to say that it showed insurers' interest in investing in those sectors.
The "5 plus 2" industries refer to seven areas of development being promoted by the government to transform Taiwan's economic and industrial structures. They include an "Asian Silicon Valley" project, as well as the biotech, green energy, aviation, smart machinery and defense industries.
The FSC began encouraging the local insurance sector in September 2017 to support the government's economic initiatives by investing funds in the seven industries.
The FSC said it has set a target of an additional NT$150bn in new investment in the "5 plus 2" industries from the local insurance sector during the 2018-2020 period.
As part of its efforts to get insurance firms to put their funds in the "5 plus 2" industries, the FSC said it will reward the top three life insurance and non-life insurance companies for their contributions.