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.
Earthquake-related claims for Taiwan's commercial insurers related to this month's seismic event are unlikely to exceed those stemming from the 2016 Meinkong earthquake, according to AM Best.
Insurable losses from the 3 April magnitude-7 earthquake that struck Hualien in eastern Taiwan will be between $0.5bn and $1bn, according to CoreLogic, a US-based provider of financial, property, and consumer information, analytics and business intelligence.
There are still about 5.5m residential units in Taiwan that lack earthquake insurance even though the Taiwan Residential Earthquake Insurance Fund (TREIF) has been operating since 2002, according to data from the Insurance Bureau.
Taiwan's biggest earthquake in at least 25 years killed nine people yesterday and injured more than 1,000. Scores of people are missing as a result of the disaster.