Nov. 25, 2010 (China Knowledge) - Allianz SE, Europe's largest insurer, currently has no plans to exit the life insurance market in Taiwan, said Chris James, CEO of Allianz Taiwan Life Insurance Co.
The European insurance company entered Taiwan's life insurance market in 1999.
Media reports said earlier this month that Allianz was looking for a buyer for the Taiwan life insurance unit to leave the island's saturated insurance market amid intensifying competition.
In the first ten months of this year, the Taiwan unit's gross written premiums totalled NT$75 billion, 32% more than in the same period of last year.
In the first half, Allianz Taiwan Life maintained its No. 4 position in the Taiwan life insurance market and was ranked eighth among the top 100 financial enterprises on the island by the Common Wealth Magazine.
http://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&cat=FIN&NewsID=38961
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Well would you leave Taiwan when one of your biggest competitors is leaving the market (AIG)? There could be real room for expansion for other insurance companies now the big beast is out and off to pastures new.
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