By: Tsai Yi-chu and Frances Huang
Taipei, June 25 (CNA) Taiwanese insurance firms held the majority of exposure to the United Kingdom compared with the entire international claims by the local financial sector, the Financial Supervisory Commission (FSC) said Saturday.
So far, Taiwan-based insurers’ exposure to the U.K. has hit about NT$784.3 billion (US$23.20 billion), including NT$122.9 billion denominated in British pounds, the FSC said.
The NT$784.3 billion in exposure extended by the local insurance segment represented the majority of the total exposure — worth NT$1.1 trillion — made by the entire financial sector in Taiwan to the U.K. market.
The FSC, the country’s top financial regulator, disclosed the figure at a time when worries have been running deeper following the results of a referendum held by the U.K. to leave the European Union, which is expected to create chaos in global financial markets and plunge the value of the British pound. [FULL STORY]