, Taiwan
114 views

Taiwan insurers mull injecting new funds as COVID-19 claims cut down profit

Two insurers plan to raise capital once their risk-based capital falls below 250%.

Five local insurers in Taiwan are thinking about raising fresh funds to bolster their financial strength as COVID-19 insurance claims payout took a huge toll on their profits according to government watchdog the Financial Supervisory Commission.

The insurers considering new plans to raise capital are, Fubon Insurance Co., Cathay Century Insurance Co., Tokio Marine Newa Insurance Corp., CTBC Insurance Co., Chung Kuo Insurance Co., and Hotai Insurance Co. The FSC said these insurers are five of the six with the greatest COVID-19 insurance sales.

Recently, the FSC said COVID-19 claims may exceed the $1.39b initial estimate.

https://insuranceasia.com/insurance/news/taiwans-covid-19-insurance-claims-may-exceed-139b-regulator

The FSC said two of the insurers plan to raise capital once their risk-based capital falls below 250%. The FSC said they requested that insurance firms maintain a ratio above 200%.

The commission predicts that new capital injections would not be carried out before the end of this month, given the continued rise of COVID-19 claims in the country.

You may also like:

India extends ‘Use and File’ system

1 in 2 Hong Kongers said they have ‘no spare money’ for insurance

Chubb and JA Assure launches cyber insurance platform for SMEs

Follow the links for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!