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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

Chang yu huiCathay century insurance coInsurance bureau deputyFinancial supervisory commissionHotai insurance coChung kuo insurance coInsurance coFubon insurance coTokio marine newa insurance corpKao shih chingThe taipei times

Four banks expect losses due to Russian sanctions

Four local banks with exposure to NT$5 billion (US$178.44 million) in Russian bonds expect more losses after the bonds’ ratings were downgraded due to sanctions against Russia following its invasion of Ukraine, the Financial Supervisory Commission (FSC) said yesterday. Some of the Russian bonds held by local banks are Russian government bonds, whose yields rose from less than 5 percent in January to 19 percent last month. As yields and bond prices move in opposite directions, rising yields would lower the prices of bonds. If the banks determine that the Russian bonds are likely to default, they would need to book more

Chang yu huiFinancial supervisory commissionInsurance bureau deputyBanking bureauKao shih chingBanking bureau chief secretary phil tongThe taipei times

Insurance firms sales soar from pandemic fears

Sales of COVID-19 insurance policies in Taiwan rose to 2,500 per day on average in the first 17 days this month, 126 percent higher than in the same period last year, amid a rising number of local COVID-19 cases, Financial Supervisory Commission data showed last week. From Jan. 1 to Monday last week, insurance companies sold 42,376 policies that cover losses incurred by COVID-19 infections, quarantine, home isolation or adverse reactions related to vaccinations, with combined premiums of NT$34.6 million (US$1.25 million), commission data showed. Eighty policyholders received compensation during the period, with a total payout of NT$7.15 million, the data showed. COVID-19

Chang yu huiHotai insurance coFinancial supervisory commissionTaiwan fire marine insurance coInsurance bureau deputyKao shih chingThe taipei times

Financial exposure to Evergrande in Taiwan NT$2 21bn

Financial exposure to Evergrande in Taiwan NT$2 21bn
taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.

T ai peiHong kongKuo chia chunChang yu huiInsurance bureau deputyBanking bureauChina evergrande centerFutures bureau deputyFinancial supervisory commissionEvergrande groupKao shih chingBanking bureau chief secretary phil tongNew taipeiFutures bureau deputy director kuo chia chunHong kong listedடி ஐ பேய்

FSC fines Yuanta companies NT$9m over sales of investment-linked policies

FSC fines Yuanta companies NT$9m over sales of investment-linked policies
taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.

Chang yu huiYuanta life insurance coYuanta international insurance brokers coFinancial supervisory commissionYuanta international insurance brokersYuanta bankInsurance bureau deputyYuanta commercial bankKao shih chingInsurance actYuanta lifeBureau deputy director general chang yu hui