0
0
Home » Hedging Services

Taiwan General Insurance – Key Trends and Opportunities to 2025

The gross written premium of Taiwan general insurance market was valued at TWD200.1 billion in 2020. The market is expected to grow at a CAGR of more than 6% during the forecast period. Motor insurance growth was driven by an increase in premium prices of voluntary insurance and stable demand for automobiles. Fire and natural hazard insurance, benefitted from the buoyant real-estate sector. Property insurance demand also benefitted from strong demand from the manufacturing sector, which in turn benefited from exports.

The Taiwan general insurance market report provides a detailed outlook by product category for the Taiwanese general insurance segment. It also provides values for key performance indicators such as gross written premium, loss ratio, premium by line of business, and loss ratio, during the review period and forecast period. Moreover, the report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Taiwanese economy and demographics, and provides detailed information on the competitive landscape in the country.

Overview of Taiwan general insurance market

Overview of Taiwan general insurance market

For more insights on this report,  download a free report sample

What are the key general insurance market trends in Taiwan?

Electronic vehicles, autonomous driving, and usage-based insurance policies are a focus area for product innovation in the motor insurance line of business. The government aims to phase out non-electric motorcycles and scooters by 2035 and replace government vehicles and buses with electric models by 2030, thus supporting the demand for motor insurance.

Blockchain, AI and big data are among the key pursuits of insurers in Taiwan. The SandBox regulations in Taiwan boosted the usage of the mentioned technology in the financial sector. In April 2020, the FSC approved a pilot project for six months, which comprises a joint blockchain platform by a group of life and property and casualty insurers. During the pandemic, insurers in the insurance industry registered an increase in the number of insurers switching to digital means to conduct their operations. In November 2021, the FSC allowed the insurers to use digital channels for the sale of insurance policies, even after the pandemic ends.

What are the key lines of business segment in Taiwan general insurance market?

The key lines of business in general insurance market in Taiwan are property insurance, motor insurance, liability insurance, financial lines insurance, MAT insurance, non-life PA&H insurance, and miscellaneous insurance.

In 2020, the motor insurance segment had the highest general insurance market share in Taiwan followed by property insurance and liability insurance.

Motor insurance market in Taiwan

The sales of new motor vehicles grew in 2020, supporting the demand for motor insurance. The developments related to UBI and electric vehicles are expected to result in product innovation and support the demand for motor insurance over the coming years. New vehicle sales are expected to be impacted by the global shortage of chips, which in turn is expected to impact motor insurers in the second half of 2021. The effect is likely to extend in 2022.

Property insurance market in Taiwan

According to the FSC, fire insurance recorded an increased growth in 2020, due to the limited impact of the pandemic on the real estate market and an increase in premium rates resulting from increased catastrophe events across the globe. Basic earthquake insurance is covered by default under all residential fire insurance policies issued by general insurers. Its coverage includes a total loss of insured residential buildings due to earthquakes, land fissure, land rupture, landslide, fire, explosion, land subsidence, land movement, floods, tsunami or sea surges caused by an earthquake or its seismic activity.

Liability insurance market in Taiwan

Government initiatives, including the ‘Occupational Accident Insurance and Protection Act’ in April 2021, under which occupational accident insurance was made mandatory for all employees, will increase the liability insurance penetration in Taiwan. In February 2021, the Taiwanese government announced to provide liability insurance for space accident damages. The announcement will enhance product development in this line of business.

Financial lines insurance market in Taiwan

Banker’s blanket bond, fidelity bond, travel agent’s performance bonds, surety bonds, consumer’s credit insurance and overseas study agency’s performance bond are among the key financial lines insurance in Taiwan.

MAT insurance market in Taiwan

MAT insurance is expected to post a forecast-period CAGR of almost 5%. Growth picked up in 2020, driven by both price hardening in all MAT lines of business and global demand for Taiwanese exports.

Non-Life PA&H Insurance Market in Taiwan

Private health insurance policies generally cover injuries and hospitalization expenses. The developments related to tele-health services and vaccine insurance have emerged as key focus areas for insurers. Health insurers are also focusing on catering to the healthcare need for an aging population.

Taiwan general insurance market, by line of business

Taiwan general insurance market, by line of business

For more lines of business insights, download a free report sample

What are the key distribution channel segments of Taiwan general insurance market?

The key distribution channel segments of general insurance market in Taiwan are direct from insurer, bank, insurance broker, online aggregator, financial advisor, and others. Direct sales from insurer was the preferred general insurance distribution channel in Taiwan followed by bank, insurance broker, online aggregator, financial advisor, and others.

Taiwan general insurance market, by distribution channel

Taiwan general insurance market, by distribution channel

For more distribution channel insights, download a free report sample

Which are the major general insurance companies in Taiwan?

Some of the major general insurance companies in Taiwan are Cathay Century Insurance Co Ltd, Fubon Insurance Co Ltd, Shin Kong Fire & Marine Insurance Co. Ltd, Tokio Marine Newa, Mingtai Fire & Marine Insurance Co. Ltd, Union Insurance, South China Insurance Co Ltd, Hotai Motor, The Taian, and Chung Kuo.

Fubon Insurance Co Ltd accounted for the highest Taiwanese general insurance market share in 2020 followed by Cathay Century Insurance Co Ltd and Shin Kong Fire & Marine Insurance Co. Ltd.

Taiwan general insurance market, by company

Taiwan general insurance market, by company

To know more about key companies, download a free report sample

Market Report Scope

Market size (2020) TWD200.1 billion
CAGR >6%
Forecast period 2020-2025
Key lines of business Property Insurance, Motor Insurance, Liability Insurance, Financial Lines Insurance, MAT Insurance, Non-Life PA&H Insurance, and Miscellaneous Insurance
Key distribution channels Direct from Insurer, Banks, Insurance Brokers, Online Aggregators, Financial Advisors, and Others
Key companies Cathay Century Insurance Co Ltd, Fubon Insurance Co Ltd, Shin Kong Fire & Marine Insurance Co. Ltd, Tokio Marine Newa, Mingtai Fire & Marine Insurance Co. Ltd, Union Insurance, South China Insurance Co Ltd, Hotai Motor, The Taian, and Chung Kuo.

 Scope

This report provides a comprehensive analysis of the general insurance segment in Taiwan

  • It provides historical values for the Taiwanese general insurance segment for the report’s 2016-2020 review period and projected figures for the 2020-2025 forecast period.
  • It offers a detailed analysis of the key categories in the Taiwanese general insurance segment, and market forecasts to 2025.
  • It profiles the top general insurance companies in Taiwan and outlines the key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Taiwanese general insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Taiwanese general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

Fubon

Cathay Century

Shin Kong Fire & Marine

Tokio Marine Newa

Mingtai Fire & Marine

Union Insurance

South China Insurance Co Lt

Hotai Motor

The Taian

Chung Kuo

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Key Trends by Line of Business

Property Insurance

Motor Insurance

Liability Insurance

Financial Lines Insurance

Marine, Aviation and Transit Insurance

Personal Accident and Health Insurance

Miscellaneous Insurance

Distribution Channels

Competitive Landscape

Competitors Profiles

Reinsurance Overview

Regulatory and Compliance

Insurtech

Appendix

Frequently Asked Questions

The gross written premium of Taiwan general insurance market was valued at TWD200.1 billion in 2020.

The general insurance market is expected to grow at a CAGR of more than 6% during the forecast period.

The key lines of business segment in general insurance market in Taiwan are property insurance, motor insurance, liability insurance, financial lines insurance, MAT insurance, non-life PA&H insurance, and miscellaneous insurance.

The key distribution channel segments of general insurance market in Taiwan are direct from insurer, bank, insurance broker, online aggregator, financial advisor, and others.

Some of the major general insurance companies in Taiwan are Cathay Century Insurance Co Ltd, Fubon Insurance Co Ltd, Shin Kong Fire & Marine Insurance Co. Ltd, Tokio Marine Newa, Mingtai Fire & Marine Insurance Co. Ltd, Union Insurance, South China Insurance Co Ltd, Hotai Motor, The Taian, and Chung Kuo.

    Pricing

Discounts available for multiple purchases.

reportstore@globaldata.com
+44 20 7947 2960

Join our mailing list

Saved reports