Hong Kong raised its highest storm signal as Super Typhoon Ragasa swept close, flooding districts and halting transport, with insurers bracing for Mangkhut-scale losses.
While the Taiwanese insurer continues to demonstrate very strong capital and earnings, S&P warned that its reliance on Mega Bank leaves it exposed to group-level risks.
According to a Bloomberg report, Taiwan's life insurance association is asking its members to study adjustments as hedging expenses climb and firms prepare to rebuild currency protection.
The rating agency affirmed Taiwan's second-largest non-life insurer at A with a stable outlook, noting that its motor portfolio continues to support underwriting margins.
The rating agency said capital recovery driven by underwriting and investment gains kept Taiwanese insurer's position stable despite market volatility.
The system will require vessels to hold P&I cover from IG P&I Clubs, domestic insurers, or international carriers with a credit rating of at least BBB.
