AI can help the current underwriting process to be more accurate and efficient, according to a recent pilot project conducted by a South Korean medical AI company, Lunit, and Taiwan's Cathay Life Insurance.
The Ministry of Health and Welfare statistics show that Taiwan's National Health Insurance (NHI) system is expected to face a deficit of NT$77.1bn ($2.66bn) in 2021, with reserve funds adequate to cover only one month of expenses.
The Financial Supervisory Commission (FSC) will soon announce some draft amendments to the "Insurance Broker Management Rules" and "Insurance Agency Management Rules", according to a statement from the Insurance Bureau of the commission.
Taiwan's life insurance sector posted an 8.4% fall in premium income, to NT$1,536.2bn ($52.2bn) in the first half of 2020, according to statistics from the Life Insurance Association (LIA-ROC).
Taiwan's national health insurance system spent more to treat chronic kidney disease than any other disease in 2019, according to a list of the 10 ailments with the biggest outlays released by the National Health Insurance Administration (NHIA).
Shin Kong Financial Holding Co's board of directors have approved its insurance unit's proposal to use fair-value accounting rather than cost accounting to assess non-self-use properties.
Dr Thomas Huang, who has assumed the post of Chairman of the Financial Supervisory Commission (FSC) in Taiwan, cited six areas in which new guidance would be provided by the FSC by the end of August.
First-year premiums of Taiwan's life insurance companies posted a 37.7% decline to NT$217bn ($7.2bn) in the first quarter of this year, compared to the corresponding period last year, according to a statement from the Life Insurance Association.
Taiwan's life insurance industry saw overall first-year premiums (FYP) increase by 6.4% year-on-year to NT$726bn ($23.58bn) in the first seven months of this year. This is according to Taipei Times citing figures from the territory's Life Insurance Association.
Legislator Chiang Yung-chang has proposed that a fiscal incentive be given to sway more Taiwanese to acquire earthquake insurance.
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