Enthusiasm among Taiwanese consumers for buying foreign-currency-denominated insurance products has cooled, according to the latest data released by the Financial Supervisory Commission (FSC).
The Financial Supervisory Commission (FSC) recently required property and life insurance companies to conduct stress tests based on their financial statements at the end of 2022, given that insurers paid out huge COVID-19-related claims in the past two years and in early 2023 .
Taiwan's plans to adopt IFRS 17 in 2026 has led to concerns over whether the Ministry of Finance will adjust the business tax rate and tax application methods of the financial industry.
Cathay Century Insurance's voluntary motor insurance branch, a major business line for the insurer, has contributed to an improving underwriting margin supported by better pricing and the insurer's ongoing efforts to refine the risk quality and product composition, says AM Best.
AM Best expects that the gradual improvement in Hotai Insurance's risk-adjusted capitalisation over the short to intermediate term may support a stronger balance sheet strength assessment, while the company returns and maintains its operating profitability level to a pre-pandemic level.
The Financial Supervisory Commission (FSC) has voiced concern over the health of three domestic life insurers after they released their financial statements for the first six months.
Cathay Financial Holding Co, Taiwan's biggest financial services provider, is looking at flat business in the second half of this year, as it seeks to focus on risk controls amid lingering economic uncertainty.
Fitch Ratings has assigned Taiwan-based Shin Kong Life Insurance (SK Life) a National Insurer Financial Strength (IFS) Rating of 'A(twn)' and National Long-Term Rating of 'A-(twn)'. The outlook is 'Stable'.
Nan Shan Life Insurance's financial performance is regarded as strong as its return on equity averaged 9% from 2020 to 2022, says Fitch Ratings.
The premium decline in Taiwan's life industry is expected to moderate in the coming 12-18 months due to an already-low base, says Fitch Ratings.