The Taiwan earthquake is unlikely to exceed levels seen in a similar event in 2016

HONG KONG: Earthquake-related claims to Taiwan's commercial insurers related to this month's seismic event are unlikely to exceed those from the 2016 Minkong earthquake, given the more recent event's distance from economic centers and science parks, according to AM Best.

The Beast's commentary, “Taiwan earthquake claims unlikely to exceed 2016 levels,” notes that the 7.2 magnitude earthquake on April 3 is not expected to add significant net claims and result in a capital event for Taiwan's non-life insurance industry.

In Taiwan, residential earthquake losses are assigned to the Taiwan Residential Earthquake Insurance Fund (TREIF), so commercial and industrial losses are mainly borne by commercial insurers, according to the report. Most previous major earthquakes in Taiwan have resulted in claims from commercial insurance companies for industrial losses. More generally, significant recent event losses can arise from business interruption coverage. This is due to the material role that the technology and science sectors play in Taiwan's overall economy, as well as large insurance companies purchasing sufficient insurance protection, with the vast majority of these exposures eventually being ceded to the international reinsurance market.

“The non-life segment was weakened from a significant operating loss in 2022 due to pandemic insurance,” said Christy Lee, senior director of analytics at AM Best. “Industry capitalization rebounded in 2023 following capital infusions from insurer parent companies, coupled with positive operating results, but remains 21% below 2021 industry capitalization levels.”

Standalone credit quality and ability to withstand major catastrophe losses varies from company to company, but the overall credit fundamentals of some insurers are supported by strong financial support from parents in accordance with regulations.

To access the full version of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=341911.

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