Magazine Table of Contents
There is a lot of optimism still for this mature market as 2016 saw good growth from both the life (7.06%) and nonlife (7.23%) sectors. There is also no respite from the onslaught of change and the overly cautious regulations add to the struggle for insurers. The regulator is constantly reviewing regulations to help ensure that insurers provide consumers with more comprehensive covers and services.
Despite 2016 being fraught with challenges, including a volatile global economy and a series of unfortunate disasters at home, Ms Grace Lee, Director General of the Financial Supervisory Commission’s Insurance Bureau says the industry has fared well. In this exclusive, she elaborates on her assessment of the market, as well as her agenda for 2017.
Taiwan’s non-life insurance sector recorded a remarkable growth of 7.23% in 2016 as most classes of business saw premiums rise. Asia Insurance Review speaks to its key market players for insights into the sector’s performance and key struggles, as well as their outlook for the immediate future.
The disruption discussion has permeated every corner of the insurance world, and Taiwan’s market is no different. How much innovation has taken root? Are local insurers ready to face disruptors? Should regulations be relaxed? Market leaders share their views.
In this mature life market which faces challenges such as intense competition, tight regulatory control and a low interest rate environment, the spark of opportunity lies in innovation and its rapidly ageing society.
In an overly competitive and mature market, local life insurance giants and foreign insurers play on their strengths to grow and retain customers.
Diabetic patients have traditionally been shunned by underwriters, but things are about to change – if they have not already started. Health2Sync’s proprietary platform empowers patients to manage their condition, while giving insurers a new way to assess risk and offer protection to a demographic previously considered uninsurable, says CEO Ed Deng.
Taiwan’s Renewable Energy Development Plan targets 20% of its power to be generated from renewable energy by 2025. Mr Patrice Nigon of Swiss Re discusses how they are supporting these endeavours to develop clean energy.