HIGHER OIL PRICES WILL SHRINK TAIWAN’S INSURANCE MARKET

Rocketing oil prices will contribute to a 2% to 3% reduction in Taiwan’s property insurance market this year, delegates at the International Insurance Society conference in Taipei heard. But Steve Chen, president of Fubon's insurance group, added that the situation – exacerbated by less demand for motor insurance and the cost of driving soars, was likely to improve next year on the back of improved relations between Taiwan and China.