Taiwan's domestic non-life insurance premium continued to increase in 2024, growing 10.5% to reach TWD278.5bn ($9.2bn), according to a new report by AM Best.
The Financial Supervisory Commission (FSC) of Taiwan has decided on several interim measures to mitigate the impact of exchange fluctuations in the financial and capital markets caused by changes in the international financial situation.
Taiwanese life insurer Shin Kong Life has signed a strategic cooperation agreement with Hong Kong-based technology firm AIFT to transform Vietnam's digital insurance market.
Jumps in hedging costs, sharp currency rate fluctuations, and new regulatory proposals regarding FX risk management are developments that need monitoring, according to a report released by CreditSights, a credit research unit of the Fitch Group.
The current financial health of country's National Health Insurance Scheme (NHI) does not require the health insurance premiums to be raised. According to a report by the Central News Agency country's minister of health and welfare Chiu Tai-yuan has said despite speculation in the media about financial pressure on the health budget, there is no requirement to raise the health insurance premiums currently.
Life insurers in Asia Pacific are pursuing quality growth through cautious investment strategies, while non-life insurers are focused on efficiency and expense control according to a non-rating action commentary by Fitch Ratings.
Fitch Ratings has placed five Taiwanese life insurers under review for potential downgrades, following significant balance sheet pressures caused by a sharp appreciation of the Taiwan dollar in early-May.
The Executive Yuan of Taiwan has approved a draft bill that would give individuals the option to opt out from having their National Health Insurance (NHI) records used for nonmedical purposes according to a report in The Taipei Times.
On May 14, Ant Insurance, an online insurance platform under Ant Group, announced that its flagship medical insurance product - Haoyibao long-term medical plan (flagship version) - is now open to residents of Hong Kong, Macau, and Taiwan. The move aims to improve financial service accessibility for these groups living in mainland China.
The Taiwan dollar's sharp rally against the US dollar in the first week of May has heightened foreign exchange risk exposure for Taiwanese life insurers who have been allocating a large portion of their invested assets in foreign investments, mainly USD-denominated fixed income securities.