Union Insurance Company reported materially improved operating results in 2023, driven by a recovery in underwriting profitability to pre-pandemic levels, and the release of reserve provisions for pandemic insurance claims, notes AM Best.
Taiwan life insurers are working to strengthen their regulatory capital base in preparation for stricter regulatory capital standards due in 2026, says Taiwan Ratings, which is an S&P Global company.
Taiwan's strengthening economy will likely underpin steady insurance demand and drive modest premium growth for the P&C insurance sector in 2024, said Taiwan Ratings, an S&P Global company.
Taiwan Life Insurance's underwriting profitability is expected to remain stable, said Fitch Ratings.
The pre-tax profit of insurance companies in Taiwan for the first three months of this year stood at NT$105.3bn ($3.25bn), according to data released by the Financial Supervisory Commission (FSC).
Overall, Shinkong Insurance Company's underwriting profitability and return on equity have consistently outperformed the industry average over the past five years, AM Best said.
Asia is a region where the significance and impact of health, health care and health insurance cannot be overstated, said QBE Singapore CEO, Ronak Shah, speaking in his capacity as General Insurance Association of Singapore president at the 19th Asia Healthcare and Health Insurance Conference yesterday morning.
The 3 April magnitude-7.2 Hualien earthquake has led to at least 472 insurance claims and resulted in losses amounting to at least NT$762m ($23.5m) as of 8 April, according to the Taiwan Residential Earthquake Insurance Fund (TREIF).
Dr Peng Jin-lung, a professor in the Department of Risk Management and Insurance, at National Chengchi University, has been appointed the next chairman of the Financial Supervisory Commission (FSC).
Insurance specific to electric vehicles (EVs) will be launched on 1 July 2024, the Financial Supervisory Commission (FSC) announced.