Taipei, Nov. 13, 2012 (CENS)--Thanks to growing income from auto-insurance policies, non-life insurers in Taiwan expect their premium revenues this year to exceed those of 2011 and to challenge new heights within five years. Non-life insurers took in more than NT$90 billion (US$3 billion) in premium revenues in the first three quarters of the year, up 6.65% year on year (YoY), and the total for the first 10 months was expected to top NT$100 billion (US$3.33 billion).
Many of the island’s insurers have recorded outstanding performances this year. For the Mingtai Insurance Co., for example, earnings per share (EPS) exceeded NT$2 (US$0.067) in the first three quarters, and Taiwan Fire & Marline Insurance Co. hit a new quarterly pretax earnings high of NT$286 million (US$9.53 million) in the third quarter.
Statistics compiled by the NLIA (Non-life Insurance Association of the R.O.C) show that despite the high premium-revenue base in 2011, non-life insurers have seen premium revenues grow 6~7% so far this year. Auto insurance has been the largest contributor, with premium revenues reaching NT$43.8 billion (US$1.46 billion) in the first three quarters, a growth of 7%.
Premium revenues taken in by commercial fire insurance firms grew 13% during the nine-month period, to more than NT$10 billion (US$333.33 million).
An industry insider reported that commercial fire insurance premiums started to grow rapidly in July 2011 and are expected to continue increasing in 2013, thereby balancing previously incurred risk.
Income from engineering insurance and health insurance premiums increased 13% and 14%, respectively, in the first nine months. TLG Insurance enjoyed the highest rate of premium growth from engineering insurance, at 68%, due to a low base in 2011.
(by Andrew Wang)
