Life insurance policies in Taiwan will gradually become paperless, according to the director-general of the Insurance Bureau of the Financial Supervisory Commission (FSC), Ms Shih Chiung-Hwa.
In a research paper published in the international journal Nature Communications, Ping An AskBob Doctor's smart imaging model for diagnosing pelvic and hip injuries has been shown to overcome the limitation of other artificial intelligence (AI) systems, which can only detect individual fractures.
Insurance payouts in respect of the 2 April fatal train crash near the eastern city of Hualien could total at least NT$500m ($17.52m), according to estimates that take into account liability settlements by the railway company as well as personal insurance payouts by life and P&C insurers.
Dr Huang Tien-mu, chairman of the Financial Supervisory Commission (FSC) has asked the Insurance Bureau to submit a feasibility report by mid-year on online-only insurers.
Taiwan's Financial Supervisory Commission has said that in view of the rising demand for foreign-currency denominated insurance policies, it proposes to increase the ceiling on life insurers' foreign-currency denominated insurance policies from 35% to 40%.
The Taiwanese insurance sector posted pre-tax profits of NT$233.1bn ($8bn) in 2020, an increase of 30.7% over 2019, according to data released by the Insurance Bureau of the Financial Supervisory Commission (FSC).
Taiwan's insurers to continue to move towards global standards, which will enhance their resilience. The convergence will include the adoption of new accounting rules, shift to a new solvency regime and the associated changes to product mix, investment strategy and capital requirements, as well as the promotion of sustainable finance, says Fitch Ratings.
Hotai Insurance has implemented its business transformation plan successfully since being acquired by Ho Tai Motor which is Taiwan's biggest automotive distributor, in early 2017, notes AM Best.
The total premium income of the life insurance industry from January to December last year reached NT$3,025bn ($108bn), a decrease of 7.9% from the previous year, according to statistics from the Life Insurance Association (LIA-ROC).
Taiwan's national health insurance premium rate has been increased from 4.69% previously to 5.17% since 1 January.