HONG KONG, Aug 25 (Bernama-BUSINESS WIRE) — AM Best has revised its market segment outlook to negative from stable for Taiwan’s non-life segment, citing a resurgence of COVID-19 that has led to significant losses on pandemic-related insurance policies.
In a new Best’s Market Segment Report, “Market Segment Outlook: Taiwan Non-Life Insurance,” AM Best notes that ultimate losses for Taiwan’s non-life industry remain highly uncertain and subject to the infection rate and potential government policy changes; impacts to companies vary depending on their pandemic insurance exposures and policy expiration patterns. The COVID-19 spike has led to a capital event for some companies, while others face an earnings event for financial year 2022. (Please see related Best’s Commentary, “Spike in Pandemic-Related Claims in Taiwan Could Create Capital Event for Some Non-Life Insurers.”)