The Life Insurance Association (LIA) of Taiwan has been working to expand its digital services since the launch in 2020 of a one-stop InsurTech sharing platform for applying for insurance services.
Shin Kong Life Insurance (SKL) posted a net profit of NT$14.8bn ($456m) in 1H2024, on stronger returns from equity investments and lower hedging costs driven by its strategy to sell profitable foreign-currency policies, notes Fitch Ratings
Central Reinsurance Corporation (Central Re) Re posted a reported net profit of NT$2.1bn ($65m) in 2023, with a five-year return on equity of 7.0% (2019 - 2023), based on adjusted capital and surplus, notes AM Best.
Genetic testing technology has advanced rapidly in recent years, leading to several questions for the Taiwanese insurance market.
The pre-tax profit of insurance companies in Taiwan for the first six months of this year stood at NT$229.7bn ($6.99bn), 313.1% higher than in 1H2023, according to data released by the Financial Supervisory Commission (FSC).
Nan Shan Life Insurance, the third biggest life insurer in Taiwan, suffered from a negative spread between investment yields and cost of liability over the past few years, driven by the high burden from saving-type policies it had sold in the past with high guarantee rates, says Fitch Ratings.
One key question in Taiwan's life insurance sector is whether investment projects that can generate stable cash flows and that are suitable for life insurers, can be offered up quickly, according to Dr Peng Jin-lung, the chairman of the Financial Supervisory Commission (FSC).
More than half (55%) of Taiwanese people believe that when unforeseen events occur in life - including unemployment, death, or being unable to work due to health reasons - their existing insurance is not sufficient for them to maintain their living standards, according to the findings of a survey by BNP Paribas Cardif.
Cathay Life Insurance maintained its status as the flagship subsidiary of Cathay Financial Holdings as it reported an after-tax net profit for the single month of June of NT$8.94bn ($272m), and a cumulative after-tax profit of NT$48.26bn for the first half of the year, according to corporate announcements made by the group.
The Economic Development Committee (EDC) of the Executive Yuan yesterday approved a trillion-dollar national development plan, hoping to guide funds -- in particular, insurance funds invested overseas -- to invest in social housing, water recycling plants, and other strategic projects.