Microinsurance providers’ collection of premiums up in Q1

THE TOTAL PREMIUMS collected by microinsurance providers rose in the first quarter, the Insurance Commission (IC) reported on Wednesday. The IC said in a statement that data from mutual benefit associations (MBAs) and life and nonlife insurance companies showed that total contributions increased year on year by 14.87% to P2.65 billion in the January-to-March period. […]

Worst COVID outbreak leaves Taiwan insurers bracing for more than $1 billion in claims

TAIWAN’S worst coronavirus disease 2019 (COVID-19) outbreak has left the island’s insurers bracing for more than $1 billion in claims that the financial regulator is urging them to honor. The head of the Financial Supervisory Commission (FSC), Huang Tien-mu, has ordered insurers to pay out on valid COVID-related insurance policies after they faced criticism from […]

Investing in innovation to help insurers expand faster, improve prospects

INSURERS THAT invest in innovation are able to expand faster and improve their operations, boosting their long-term prospects, an official from global insurance ratings agency AM Best Company said. Greg Carter, managing director of analytics for Asia Pacific at AM Best, said insurance companies that invest heavily in innovation see their businesses expand faster and […]