P.M. BRIEFING : Taiwan OKs 5 Insurance Firms
The government of Taiwan will allow five U.S. insurance companies to set up branch offices in 1991, stiffening foreign competition in an already ferocious battle for market share, analysts said today.
The Finance Ministry has approved applications by Time Insurance Co., American Security Insurance Co., New York Life Insurance & Annuity Co., John Hancock Variable Life Insurance Co. and Manufacturers Life Insurance Co. of America, officials said.
The approvals bring to 20 the number of U.S. insurance firms allowed into Taiwan since the government bowed to U.S. pressure and opened the lucrative life insurance market to American companies in 1986.
The market took in premium receipts totaling more than $4.1 billion in 1989, up from about $3.3 billion in 1988. Figures for last year are not yet available.
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