Taiwan insurers urged to fund public projects

February 22 2018 by InsuranceAsia News Staff

Insurers in Taiwan have been urged to invest more in public projects.

According to the Taiwan government, the country’s insurance companies can tap into their NT$23 trillion (US$767 billion) insurance funds to help support national infrastructure and development projects.

Among the long list of government-initiated projects in the country is the “5+2” key innovative industry program.

It has been said that the only way to avert major power outages in the future, at least in Taiwan, is to expand renewable energy facilities.

This will be aided by the ruling Democratic Progressive Party’s commitment to end the use of nuclear power and to reducing reliance on fossil fuels.

To recall, a sizeable power blackout last August highlighted the vulnerability of the national grid.

Apart from renewable energy, insurers may also tap into other industries such as the Internet of Things, biomedicine, defence, and a circular economy.

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