Data from the Insurance Bureau has revealed that Taiwan's insurance industry earnings in December increased by 248.1% to NT$341.5b ($10.3b), with life insurers contributing 92.4% of the total.
Statistics released by the Financial Supervisory Commission (FSC) show that around 30 insurance companies engaged in microinsurance business as of the end of 2024.
To better address the needs of the elderly in Taiwan's super-aged era, the Financial Supervisory Commission (FSC) will promote insurance policies that allow the economically disadvantaged and certain identity groups to obtain basic insurance protection at a lower premium. The commission outlined the policies in a press release issued this Thursday morning.
The lack of earthquake insurance coverage for a significant percentage of residential units, is further compounded by the ageing residences in urban areas of Taiwan, which leaves more than 60% of the houses with no covers for any seismic catastrophe that may occur.
Taiwan's labour insurance fund, which is an important source of funding for the country's main basic pension programme, has good short-term prospects due to recent premium and investment gains, however, the future of the programme remains challenging.
Taiwanese health officials are encouraging those aged 30 and over to take advantage of a free health check covered under the country's national health insurance. Till 2024 this facility was only available to those aged 40 and above.
Consumption of alcohol, which is a known carcinogen, accounts for TWD5.3bn ($161m) in annual health insurance costs in Taiwan. It also contributes to traffic accidents caused by drunk driving which in turn lead to avoidable insurance payouts by the insurance companies.
Taiwan's proposed amendment to the Senior Citizens Welfare Act to exempt people aged 65 and above from paying National Health Insurance (NHI) premiums could create financial distress for the NHI programme. The programme is already running under severe financial strain.
Taiwan's insurance sector recorded a total pre-tax profit of $10.89b (TWD351.3b) in November 2024. Life insurance companies' contribution was $10.71b (TWD326.3b) in November 2024 according to the data from the Insurance Bureau.
Sedgwick has appointed Mr Cameron Lee as CEO for Taiwan; Mr Huoo-Lian "Andy" Liou as chairman for Taiwan; Mr Shuji Tanaka as CEO for operations for Japan and Mr Takeshi Nagao as chairman for Japan.