Premier Lai Ching-te has announced that the Taiwanese government will roll out an action plan for the development of the financial industry.
The Executive Yuan, which is the Cabinet, passed on 14 June the Financial Management Action Plan proposed by the Financial Supervisory Commission that is divided into four major areas: insurance, banking, securities and futures, and FinTech.
Under the plan, the insurance industry's investment in the government-backed five-plus-two programme will exceed NT$150 billion ($4.9 billion) within the next three years.
The five-plus-two initiative is a comprehensive economic restructuring programme to promote the biotech, pharmaceuticals, green energy, national defence, smart machinery and Internet of Things sectors, as well as the circular economy, and a new paradigm for agricultural development.
In addition, in the insurance arena, the goal is to ensure that the proportion of premiums from protection and silver-age products, excluding investment type products, will exceed 60% of the total within the next three years. The average annual increase is targeted at 4%. The coverage of microinsurance will increase from 500,000 to one million within five years.
The development of innovative financial products, including long-term care insurance, is also part of the plan.