Profit crash continues in July for Taiwan’s general insurance industry

The industry suffered a 466.7% YoY fall in pre-tax profits.

Taiwan suffers another month of year-on-year (YoY) crash in July as it recorded a 466.7% fall in pre-tax profits to $1.80b in the general insurance industry.

The life insurance industry also saw its pre-tax profits fall by 20.7% to $7.92b compared to last year.

Owners' equity of insurance enterprises at the end of July 2022 was $53.32b. Owners' equity of life insurance enterprises was $50.12b, a decrease of 42.8% compared to last year. Meanwhile, owners' equity of non-life insurance enterprises was $3.20b, a decrease of 36%.

The July drop in profits is the fourth consecutive month of decreases in Taiwan's insurance industry.