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.
Wistron Corp, a Taiwan-based contract electronics maker and part of the Apple supply chain, said yesterday that preliminary estimates of losses from a riot in its factory on 12 December in southern India were lower than the news media had reported.
Life insurers in Taiwan would find it challenging to reduce foreign exchange losses next year because of their huge overseas investment, Taiwan Insurance Institute chairman Kuei Hsien-nung has said.
Taiwan's Executive Yuan yesterday passed an amendment to the insurance law to abolish a limit on insurance companies' board representation in investee firms that are engaged in infrastructure development and community welfare business.
Taiwan is set to increase its National Health Insurance (NHI) premium rates because the national health scheme has been operating in the red and its reserve fund will be depleted next year.
Taiwanese insurance leader Fubon Insurance continued to report positive underwriting and investment results in 2019, with a five-year average return on equity of 8.5%, notes AM Best.
Up to 80% of those working as food deliverers in Taiwan worry that they will get into a traffic accident while making deliveries according to a recent survey by Democratic Progressive Party legislator Fan Yun and the Taiwan Labour Front.