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Cathay expects better returns on bond investments

Cathay Financial Holding Co (國泰金控) yesterday said it expects rate hikes by the US Federal Reserve and Taiwan’s central bank would boost returns on bond investments by its life insurance arm. The Fed on Wednesday raised its benchmark interest rate by three quarters of a percentage point, the largest increase since 1994, after hiking it by 25 basis points in March and 50 basis points last month. “With the Fed’s rate hikes, we have seen the yields of bonds US 10-year Treasury, 30-year Treasury, or investment-grade corporate bonds rise by 150 to 200 basis points, which should boost our

Insurance firms halt some travel policies due to virus

Several local insurance companies have halted sales of overseas travel insurance policies that cover against medical expenses due to sudden illness, in a bid to curb potential losses amid payouts for COVID-19, company data showed. As a result, people might find it more difficult to purchase insurance policies with coverage of medical expenses for sudden illness, which is required of travelers by some foreign governments, such as in the EU. Since many insurers only offer travel insurance that compensates for losses in accidents or covers expenses for emergency rescue, travelers, if infected with COVID-19 abroad, would likely have to pay for their

COVID-19 policies eating into insurance firm profits

Five local insurers are considering raising new funds to bolster their financial strength as increasing compensation claims from COVID-19 insurance policyholders are reducing their profits, the Financial Supervisory Commission said on Thursday. Five of the six insurers with the greatest COVID-19 insurance sales Fubon Insurance Co (富邦產險), Cathay Century Insurance Co (國泰世紀產險), Tokio Marine Newa Insurance Corp (新安東京海上產險), CTBC Insurance Co (中國信託產險), Chung Kuo Insurance Co (兆豐產險) and Hotai Insurance Co (和泰產險) are considering new plans to raise capital, the commission said. Two insurers plan to increase capital once their risk-based capital a ratio of an insurer’s total capital

Cathay benefits from weaker NT$, rising bond yields

The depreciation of the New Taiwan dollar against the US dollar and increases in bond yields in the first quarter helped Cathay Life Insurance Co (國泰人壽) maintain decent investment returns, despite a global stock market correction, the insurer said yesterday. The flagship arm of Cathay Financial Holding Co (國泰金控) reported an after-hedging investment return of 4.74 percent, down from 6.31 percent a year earlier, but still the second-highest figure for the first quarter, the insurer said. While last year’s record investment returns were driven by an equity boom, this year’s came from lower foreign-exchange hedging costs, capital gains and higher yields

Insurers halt sales of COVID-19 quarantine policies

As of yesterday, all local property insurance companies had halted sales of COVID-19 insurance policies that compensate people if they are quarantined, because of the rising number of infections, the Financial Supervisory Commission (FSC) said yesterday. The Central Epidemic Command Center (CECC) reported 1,626 local and 101 imported COVID-19 cases yesterday, the fifth consecutive day that the number of local transmissions has surpassed 1,000. The commission said that 10 insurers have stopped selling such COVID-19 policies, including Chung Kuo Insurance Co (兆豐產險), MSIG Mingtai Insurance Co (明台產險), CTBC Insurance Co (中國信託產險) and Tokio Marine Newa Insurance Corp (新安東京海上產險). Most COVID-19 insurance policies are

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