AM Best assigns stable outlook to Taiwan's non-life insurance industry

KUALA LUMPUR, Sept 4 -- AM Best has assigned a market segment outlook of stable to Taiwan’s non-life insurance market.

The global credit rating agency cites consistent favourable underwriting and investment performances, as well as strong capitalisation of Taiwan’s non-life insurers, despite some negative impacts from the COVID-19 pandemic.

According to a statement, the new Best’s Market Segment Report, titled, ‘Market Segment Outlook: Taiwan Non-Life’ states while many Asia-Pacific region economies continue grappling with challenges brought by the COVID-19 pandemic, the Taiwan economy remains resilient relative to its peers.

Last year, total direct premium written (DPW) rose by seven per cent to TWD 177 billion (US$ 5.9 billion). (US$1 = RM4.143).

The Taiwan insurance sector is considered a developed market in Asia Pacific, with one of the highest non-life insurance penetration rates, at 3.5 per cent.

AM Best expects non-life insurance companies in Taiwan to continue delivering positive underwriting results, with above-par margins as compared with those of other developed non-life markets in the region.

For details, visit www.ambest.com.

-- BERNAMA