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Anti-China protests in Vietnam may affect Taiwan's insurers

May 19, 2014 - 6:00am


Taiwan's leading nonlife insurers might take a big blow from the anti-China protests in Vietnam, as several Taiwanese businesses stopped operations in Vietnam because of property damage and safety reasons, the Taipei Times reported, citing sector analysts that nonlife insurers might take years to recover from losses of around $10 billion Taiwan ($331.7 million) from the unrest.

Cathay Century Insurance Co.'s preliminary projections show that 35 customers are affected, with damage claims estimated at $3.5 million, Cathay Financial president Lee Chang-ken said.

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