| dc.description.abstract | After World War II (1945), Taiwan Life Insurance Co., Ltd. (hereinafter referred to as ＂Taiwan Life＂) acquired life insurances companies and insurance services from a Japanese cooperation, which made Taiwan Life become the first insurance company to be established in Taiwan. Due to rising commodity prices after WWII, Taiwan Life continued has to increase insurance rate in order to safeguard the equity of original policyholders. However, only 5% from the total number of 350,000 previous contracts remained, indicating the public loss of faith in the insurance products. Since Taiwan Life was unable to maintain its holdings, the Company decided to take action by expanding the life insurance market. Meanwhile, Ministry of Finance also set up strict regulations towards establishing new insurance company in Taiwan during the year of 1951 to 1960, thus Taiwan Life became the only life insurance company in Taiwan. Taiwan Life is a profit organization of the Taiwan Province Government, which specializes in group insurance for public servants that also was the principal income of the company. Among the variety of services provided by Taiwan Life, long-term life insurance is hard to promote due to the public’s lack of faith in commodity prices. However, short-term insurance that is flexible and covers short insurance period became a market hit. Under the support of limitation policy by the Taiwan Province, the short-term insurance gained a promising advantage. In other words, the policies made by the Taiwan Province had significant impact on Taiwan’s insurance services, but it also relies on Taiwan Life’s professional services. The Nationalist Government in Mainland China was already aware on the importance of labor and thus implemented labor insurance when coming to Taiwan. With economical consideration, the Government has commissioned Taiwan Life to organize a “Labor Insurance Department” for executing related affairs. On the surface, Labor Insurance Department was a unit that execute policy according to the Government, while in fact it was also assisting by employees of Taiwan Life in each phrase of implementation. The professional quality of Taiwan Life helped the Department involved more than executing labor insurance affairs. Later, “Fishman Insurance” and “Sugarcane Farmer Insurance” are included amongst other social insurance for the public. Before the removal of Labor Insurance Department, the social insurance has protected a total number of approximately half a million people whom are labors, fishermen and sugarcane farmers.
With the identity as “the only insurance company” and “government-owned organization”, Taiwan Life was able to grow steadily on the life insurance market. At the time when life insurance was mainly policy-based insurance, it was promoted and executed through Taiwan Province as means of included and protected more public servants and economic contributors with life insurance, while secured social orders and stimulated economic development at the same time. As Taiwan’s economic body growing steadily, the government has reduced limitation and allow general public to establish new insurance companies. And the potential of massive target group of life insurance has showed the importance of Taiwan Life’s role for contributing in this specific time period. | en_US |