Zurich to sell general operations in Taiwan

Zurich Insurance has agreed to sell its general insurance operations in Taiwan to Hotai Motor Co Ltd.

“Zurich’s decision to sell its general insurance business in Taiwan follows a comprehensive assessment that found while the market in Taiwan remains attractive, there was limited scope for Zurich’s general insurance business to achieve an operating scale that warranted continued investment,” Zurich said in a statement.

In 2015, the Taiwan general insurance business generated gross written premiums of around USD118 million and net income of USD10.6 million, Zurich said in a Reuters report.