Gallagher has launched a new insurance brokerage in Taiwan with the new hub enabling Gallagher to expand its offerings and provide tailored products and services from a team that understands the local trading environment.
Two-thirds (68%) of the top executives polled in the P&C insurance sector expect that the premium income of the non-life market will grow by 5% to 10% next year, according to the Taiwan Insurance Institute (TII).
Taiwan's insurance regulator will implement measures to assist insurance companies in their adoption of IFRS 17, enhance their resilience and support sustainable operations.
Taiwan's two largest financial holding companies reported strong profits for the first 10 months of this year, with their life insurance units continuing to contribute most to group gains.
The Financial Supervisory Commission (FSC) is requiring property and life insurance companies to stop selling cancer insurance products that provide coverage for specific types of cancer.
The global pension index value of Taiwan's pension system increased from 52.9 in 2022 to 53.6 in 2023, primarily due to an increase in the net replacement rates published by the OECD, says the Mercer CFA Institute Global Pension Index 2023 report.
Nan Shan General Insurance has launched what is dubbed Taiwan's first micro property insurance plan, targeted at vulnerable groups. The plan offers micro fire insurance coverage.
Some non-life insurers in Taiwan continued to see unfavourable claims development and reported net losses in the first quarter of 2023, but the majority had returned to operating profitability as of second-quarter 2023, notes AM Best.
A patient group in Taiwan has called for the introduction of supplementary health insurance as it voices concern that medical insurance premiums would continue to increase, rendering health insurance unaffordable.
Typhoon Koinu, which grazed parts of southern China and Hong Kong on 6-9 October after passing Taiwan, caused limited impact on mainland China and Hong Kong, says global broking and risk management company Aon.