Taiwan premiums set to break record

December 9 2016 by InsuranceAsia News Staff

The total premium payments Taiwan’s insurers have collected this year are expected to break records due to investors becoming more prudent in a global economy that is showing signs of slowdown and rising uncertainties.

According to the Taiwan Insurance Institute, the aggregate premiums collected by life insurers in the first 10 months this year already hit NT$2.54 trillion (US$79.6 billion), up 6.2% compared to last year’s data.

The figure is projected to breach the NT$3 trillion mark by year end, surpassing last year’s NT$2.9 trillion, said TII vice-president John Kuo at a forum discussing the structural issues faced by the nation’s financial sector in Taipei.

For general life insurers, it has been a productive year with premiums seeing a decent 7.6% rise so far to NT$121.3 billion. Kuo, however, expects that life insurers will face more challenges next year as the local market matures and becomes more saturated.

Total premium payments collected this during the first 10 months of this year is up by more than 6%.