Taiwan's life insurance sector witnessed a 7.7% decrease in aggregate premium incomes in H1 2023, totaling NTD1.02tr (USD32.85bn), according to the Life Insurance Association of the ROC. First-year premiums (FYPs) saw a significant fall of 16.4% to NTD263.23bn, whereas renewal premiums increased by 4.2%. Traditional insurance policies and investment-linked policies also reported declines. The association attributed the decline in traditional insurance premiums to interest rate hikes by central banks, making insurers cautious in raising product interest rates, and thus slowing sales. The decrease in investment-type insurance policies is reportedly due to global economic uncertainty affecting policyholders' investment attitudes.
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