The insurance sector in Taiwan has the highest exposure to Credit Suisse at NT$108.2bn ($3.6bn) as of the end of January 2023, according to data from the Financial Supervisory Commission (FSC).
Since 20 March 2023, insurance companies have not been required to pay claims from policyholders with mild COVID-19 symptoms.
Nan Shan General Insurance reported a significant net loss of NT$1.3bn ($42.4m) for the as of the end of September 2022, notes AM Best.
Fubon Insurance, Taiwan's biggest non-life insurer, has seen significant deterioration in capitalisation, profitability and reserve adequacy due to substantial losses from its COVID-related policies, notes Moody's Investors Service.
Statistics released by the Financial Supervisory Commission (FSC) show that 28 insurance companies engaged in microinsurance business while 16 life insurers offered small-amount wholelife insurance as of 31 December 2022.
Cathay Life Insurance, Taiwan's largest insurance company, is utilising technology to better serve customers in areas such as improving health awareness, suboptimal health, and elderly care as part of its new strategy for customers.
Fubon Insurance has reported a significant net loss of NT$40bn ($1.3bn) for the fiscal year ended 31 December 2022 (FY2022), compared with a net profit of NT$6.9bn in FY2021. The loss arises largely from COVID-19-related business.
Nearly nine in 10 (86.2%) of respondents to an annual poll do not have any retirement plans, according to the survey findings released by the Ministry of Labour (MOL) yesterday.
The Financial Supervisory Commission (FSC) has asked the Taiwan Central Depository and Clearing Corporation to establish an online retirement preparation platform to meet the needs of an ageing society through promoting protection, retirement investment and public welfare.
Starting on 1 March 2023, Taiwan's National Health Insurance (NHI) will cover procedures performed by the robotic surgical system, Da Vinci Surgical Systems.