Taiwan's National Health Insurance Administration (NHIA) has proposed to fund new cancer medicines by imposing a surcharge on alcohol.
The Financial Supervisory Commission (FSC) has reservations about a proposed amendment to the insurance law, submitted by a lawmaker, to slash the overseas investment ceiling of the insurance industry from the current 45% to 25%. The draft amendment does not provide for a transitional period in which the change would be effected.
The Financial Supervisory Commission (FSC) will introduce an additional phase of localisation and transitional measures in the adoption process of TW-ICS (Insurance Capital Standard), to facilitate insurers' smooth integration of the TW-ICS that is to be implemented with effect from 2026.
In recent years, the global reinsurance market has been influenced by changes in climate-related risks, rising catastrophic losses and economic uncertainties. The market continues to lean towards a hard market stance, and Taiwan is no exception. Reinsurers see opportunities arising from rate increases and improvements in terms and conditions in this hard market. Additionally, after P&C insurers paid over TWD270bn ($8.3bn) due to COVID-19, the demand for reinsurance increased as insurance companies aimed to protect capital from volatile underwriting result. According to statistics from Taiwan Insurance Institute, gross written premiums grew by 10.6% in 2023. Meanwhile, reinsurance premiums ceded grew by 20.8%, with the majority of the increase in fire insurance. The improved reinsurance conditions in recent years may attract new market participants and increase competition in the Taiwanese reinsurance market.
Fitch Ratings say that it ranks the company profile of Cathay Life and Fubon Life as 'Most Favourable' among several life insurers in a peer review. The other insurers in the peer review have a 'Favourable' company profile.
Cathay Life Insurance, Taiwan's biggest life insurance company, has seen its issuance of $600m 10-year overseas subordinated corporate bonds oversubscribed by around three times.
In a bid to provide more opportunities for insurance companies and fintech firms to co-develop innovative insurance products, the Financial Supervisory Commission of Taiwan (FSC) now allows cross-industry collaborations.
Cathay Life Insurance Co, Taiwan's largest insurer by life market premiums in 2023, established a special purpose vehicle (SPV), Cathaylife Singapore Pte Ltd, in Singapore on 5 June 2024.
The new head of Taiwan's Financial Supervisory Commission (FSC) has said that the regulator hoped to guide the insurance industry to invest more domestically.
Cathay Life Insurance, Taiwan's biggest life insurer, has been issuing debt to strengthen its regulatory capital buffer in preparation for the implementation of the Taiwan Insurance Capital Standard in 2026, notes Fitch Ratings.