Insurance specific to electric vehicles (EVs) will be launched on 1 July 2024, the Financial Supervisory Commission (FSC) announced.
Earthquake-related claims for Taiwan's commercial insurers related to this month's seismic event are unlikely to exceed those stemming from the 2016 Meinkong earthquake, according to AM Best.
Insurable losses from the 3 April magnitude-7 earthquake that struck Hualien in eastern Taiwan will be between $0.5bn and $1bn, according to CoreLogic, a US-based provider of financial, property, and consumer information, analytics and business intelligence.
There are still about 5.5m residential units in Taiwan that lack earthquake insurance even though the Taiwan Residential Earthquake Insurance Fund (TREIF) has been operating since 2002, according to data from the Insurance Bureau.
Taiwan's biggest earthquake in at least 25 years killed nine people yesterday and injured more than 1,000. Scores of people are missing as a result of the disaster.
Nan Shan General Insurance has reported positive operating results in 2023, partially supported by the release of reserves provisions for COVID-19 pandemic insurance claims and positive investment performance, notes AM Best. The insurer's return on equity has been restored to a high single-digit level.
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.