HONG KONG, Nov 24 (Bernama-BUSINESS WIRE) — AM Best ismaintaining a stable market segment outlook on Taiwan’s non-life insurance segment, citing robust underwriting and investment performance in 2020 and carriers’ healthy risk-adjusted capitalisation levels.
The Best’s Market Segment Report, titled, “Market Segment Outlook: Taiwan Non-Life Insurance,” notes that Taiwan has managed for the most part to keep the COVID-19 pandemic under control, relative to its peers, and registered real GDP growth of 3.1% in 2020. The pandemic had limited impact to Taiwan’s non-life insurance market, which experienced direct premium written (DPW) growth of 6.2% in 2020, driven by growth in the motor and fire insurance business lines. The report notes that pandemic-related insurance products, including pandemic protection and vaccination protection products, has gained significant traction in 2021, with DPW from these products contributing materially to non-life insurance growth in the first half of 2021.