Taiwanese insurer to see major loss due to COVID-related claims

Ratings agency A.M. Best Co. Inc. expects Taiwan-based Nan Shan General Insurance Co. Ltd. to see a major loss for 2022, compared to a net profit of $351 million Taiwanese ($11.45 million) in 2021, mainly due to COVID-19 insurance claims, Asia Insurance Review reported. However, A.M. Best considers the pandemic-related losses as a one-off event and expects Nan Shan to gradually recover through traditionally profitable insurance underwriting and investment results. The company posted a loss of $42 million in the nine months ended Sept. 30, 2022.