Country: Taiwan Page 2 / 14
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- July 29 2024
Typhoon Gaemi triggers flooding and landslide in mainland China, leads to US$50m agri losses in Taiwan
Hundreds of thousands of people have been evacuated in multiple provinces of China with hundreds of chemical and mining companies suspending operations and train services stopped.
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- July 26 2024
Typhoon Gaemi to make landfall in mainland China after hitting Taiwan and the Philippines
The storm, which landed near the city of Hualien that faced losses from an earthquake earlier this year, is believed to be the most powerful storm to hit Taiwan in eight years.
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- July 2 2024
APAC pricing stabilises at 1.7 renewals as global capacity hits record US$695bn
With more capital coming to the table, reinsurance rating reductions were in order, though loss-affected territories bucked the wider trend.
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- June 26 2024
Taiwanese insurers set to debut dedicated EV insurance in July: report
Cathay Century Insurance, MSIG Mingtai, Shinkong Insurance, Union Insurance, and Taian insurance are preparing to launch the specialised cover with premiums at 5-10% higher than conventional gas-powered cars.
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- June 11 2024
Asian geopolitical threats cast a shadow in boardrooms
Demand for political violence coverage continues to increase while reinsurance capacity and appetite are reducing over fears that escalation in the South China Sea could disrupt supply chains and trigger civil unrests.
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- May 27 2024
Tropical cyclone landfalls in East Asia set to be above-normal: Guy Carpenter
The western North Pacific region will likely see 19 to 21 tropical cyclone formations this year, which is near-normal activity, according to the reinsurance broker.
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- May 14 2024
Battery risks extend EV insurance’s frontier into product liability
The heightened risks of fire and explosions associated with the use of lithium-ion batteries are forcing (re)insurers to rethink the way they approach their motor insurance business.
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- May 6 2024
Asian insurance pricing moderates across lines but Japan, Taiwan, Philippines buck the trend: Marsh
Japan was the only Asian country that saw price increases in all lines of business, other cat-exposed markets like Taiwan, Philippines and Indonesia saw strong hikes in property classes but saw varying trends in other lines.
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- April 30 2024
Changing nature of cyber risks in Asia drives need for cover
Ransomware, extortion, political actors and AI make businesses in the region more vulnerable, while regulations are helping with fuelling insurance demand.
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- April 29 2024
Taiwan’s non-life sector 2023 premium income up 10%, returns to profitability
Net income for the island's non-life sector was NT$480m, a turnaround from a net loss last year, when it was hit by Covid-19 losses.
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- April 26 2024
Shinkong Insurance’s rating outlook revised to ‘positive’: AM Best
The Taiwanese insurer's long-term issuer credit rating benefitted from prudent underwriting strategy, favourable claims experience and disciplined expense management.
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- April 22 2024
TSMC’s earthquake losses estimated at US$92m
The Taiwanese chipamaker said the loss is net of insurance claims and that damage was mostly to inventories and equipment, according to a stock exchange filing.
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- April 17 2024
Taiwan’s Financial Supervisory Commission announces Peng Jin-lung as new chair
Peng, who has previously served in the regulator's insurance bureau and was involved in the drafting of the Insurance Act, will assume the top job on May 20.
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- April 16 2024
Taiwan earthquake preliminary non-residential losses exceed US$263m: Guy Carpenter
While not all of these losses are insured, the residential earthquake insurance fund has reported claims of about US$23m from 472 claims, data from the broker showed.
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- April 11 2024
Taiwan earthquake claims unlikely to exceed 2016 Meinong event’s US$500m: AM Best
Carriers will only have to deal with limited commercial and industrial claims such as business interruption as the April 3 quake was quite far from the economic and scientific centres and most of the losses are ceded to the international reinsurance market.
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- April 9 2024
Taiwanese regulator excludes battery risks from EV insurance terms
Electric vehicle owners will need to get insured via additional provisions for damage caused by battery combustion, according to the Financial Supervisory Commission.
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- April 8 2024
Taiwan earthquake set to be ‘notable event’ for local carriers: Aon
Relatively high take-up rate of residential earthquake insurance will impact the country's insurance industry as economic losses from the event is set to reach 'hundreds of millions dollars', the broker said.
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- April 3 2024
Taiwan rocked by strongest earthquake in 25 years
The 7.4 magnitude earthquake has caused at least nine fatalities, more than 100 building collapses, landslides, suspension of air and rail services, while AM Best has flagged that losses could come from business interruption coverage.
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- March 25 2024
Fubon Insurance’s FY2023 underwriting results still weighed down by Covid claims
The insurer's net combined ratio for 2023 improved to 106.7%, from 237.1% a year ago, while its direct written premium for the period rose 7% to about US$2bn.
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- March 20 2024
Insurers tread a fine line in next gen motor as EV poses uncharted risks
Recent interventions by regulators in China and Taiwan highlight the quagmire faced by insurers in dealing with the emerging risks from underwriting EV policies, but there is little room for inaction as governments' net-zero commitments mean the days of conventional vehicles are numbered.
