HONG KONG, Sept 4 (Bernama-BUSINESS WIRE) — AM Best has assigned a market segment outlook of stable to Taiwan’s non-life insurance market, citing consistent favourable underwriting and investment performances, as well as the strong capitalisation of Taiwan’s non-life insurers, despite some negative impacts from the COVID-19 pandemic.
The new Best’s Market Segment Report, titled, “Market Segment Outlook: Taiwan Non-Life,” states that while many economies in the Asia-Pacific region continue to grapple with the challenges brought on by the COVID-19 pandemic, the Taiwan economy has remained resilient relative to its peers. Additionally, over the last few years, the non-life insurance market has been expanding at mid to high single-digit rates in tandem with the economy. In 2019, total direct premium written (DPW) rose by 7% to TWD 177 billion (USD 5.9 billion). The Taiwan insurance sector is considered to be a developed market in Asia Pacific, with one of the highest non-life insurance penetration rates, at 3.5%.