{"id":5455,"date":"2025-06-17T05:00:52","date_gmt":"2025-06-17T05:00:52","guid":{"rendered":"http:\/\/calebdewey.com\/?p=5455"},"modified":"2025-06-17T05:59:43","modified_gmt":"2025-06-17T05:59:43","slug":"taiwans-non-life-insurance-premiums-rose-10-5-in-2024-am-best","status":"publish","type":"post","link":"http:\/\/calebdewey.com\/index.php\/2025\/06\/17\/taiwans-non-life-insurance-premiums-rose-10-5-in-2024-am-best\/","title":{"rendered":"Taiwan\u2019s non-life insurance premiums rose 10.5% in 2024: AM Best"},"content":{"rendered":"

Taiwan\u2019s domestic non-life insurance premiums continued to rise in 2024, increasing by 10.5% to TWD 278.5 billion (USD 9.2 billion), according to a recent report by AM Best.<\/p>\n

\"AMAll of AM Best\u2019s rated entities recorded premium growth during the year, supported by expansions in voluntary motor, travel insurance, and commercial lines.<\/p>\n

Combined gross written premiums among AM Best\u2019s eight rated non-life insurers grew by 10.6% to TWD 192.8 billion\u2014closely aligning with the 10.5% growth seen across all 14 domestic non-life insurers.<\/p>\n

The overall capital and surplus level of Taiwan\u2019s non-life insurance sector also improved, surpassing TWD 150 billion in 2024.<\/p>\n

Motor insurance\u2014particularly voluntary motor\u2014remained the primary driver of growth, accounting for nearly half of all direct written premiums in 2024. However, overall premium growth slowed slightly, partly due to weaker new car sales in 2024 and into the first quarter of 2025.<\/p>\n

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To support coverage for electric vehicles (EVs), Taiwan\u2019s insurance regulator introduced standardised EV motor policy terms in the second half of 2024.<\/p>\n

James Chan, director, AM Best, said, \u201cHowever, the motor segment remains cautious over expanding in this product line while insurers continue to accumulate data and claims experience to aid pricing sophistication.\u201d<\/p>\n

The report also highlighted a significant improvement in operating profitability in 2023 and 2024, following a historically weak performance in 2022. This turnaround was attributed to the release of pandemic insurance-related reserves and non-life insurers efforts to bolster underwriting guidelines.<\/p>\n

Chan added, \u201cCompany strategies have included non-renewing unprofitable policies, increasing rates, raising policy deductibles, or applying higher co-insurance percentages.<\/p>\n

\u201cThese measures are aimed at passing on part of the rising reinsurance costs and potential future losses to policyholders. Insurers also have adopted a more proactive approach in offering risk advisory services and implementing loss prevention measures.\u201d<\/p>\n

The post Taiwan\u2019s non-life insurance premiums rose 10.5% in 2024: AM Best<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Taiwan\u2019s domestic non-life insurance premiums continued to rise in 2024, increasing by 10.5% to TWD 278.5 billion (USD 9.2 billion), according to a recent report by AM Best. All of AM Best\u2019s rated entities recorded premium growth during the year, supported by expansions in voluntary motor, travel insurance, and commercial lines. Combined gross written premiums […]<\/p>\n","protected":false},"author":1,"featured_media":4136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/5455"}],"collection":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/comments?post=5455"}],"version-history":[{"count":3,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/5455\/revisions"}],"predecessor-version":[{"id":5458,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/5455\/revisions\/5458"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media\/4136"}],"wp:attachment":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media?parent=5455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/categories?post=5455"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/tags?post=5455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}