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Taiwan Life Insurance – Key Trends and Opportunities to 2025

The gross written premium of Taiwan life insurance market was valued at TWD3,164 billion in 2020. The market is expected to grow at a CAGR of less than 1% during the forecast period. Taiwan’s life insurance segment is characterized by high competition and price wars, largely due to the similar insurance portfolio offered by insurers and a tight regulatory hold, which prevents quick approvals to new products. Developments related to protection insurance products such as long-term care and cancer and other critical illness insurance are a focus area for insurers. With more than 15% of the population above 64 years of age, this customer base represents a strong market for an annuity, protection, and long-term care products.

The Taiwan life insurance market report provides a detailed outlook by product category for the Taiwanese life insurance segment. It also provides values for key performance indicators such as direct written premium, penetration, and premium ceded during the review period (2016-2020) and forecast period (2020-2025). 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 life insurance market

Overview of Taiwan life insurance market

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What are the key life insurance market trends in Taiwan?

The FSC continuously encourages insurers to engage in microinsurance products to provide insurance protection to the middle- and lower-income population. In March 2021, the FSC introduced the ‘Program for Improving Insurance Protection for the People’ and announced ‘Directions for Insurance Companies to Engage in Microinsurance Business’ to develop microinsurance products in the country.

The COVID-19 health crisis acted as a catalyst for digitalization in the insurance industry in the country. Insurers switched to digital channels to continue providing services to the insured. In September 2021, nine life insurers collaborated to launch an online distribution channel for protection insurance plans. Also, telehealth services gained traction due to the COVID-19 pandemic. To support the growth of telehealth services in the country, the national health insurer announced to reimburse telemedicine services for people in home isolation and home quarantine after contracting the COVID-19 virus in mountains, islands, and remote areas.

What are the key line of business segments in the Taiwan life insurance market?

The key lines of business in the life insurance market in Taiwan are general annuity insurance, life PA&H insurance, and other life insurance.

General annuity insurance market in Taiwan

According to the FSC, annuities grew by more than 3% as of July 2021, compared to the previous year. Demographic factors, which include superaged society and the promotion of foreign currency-denominated products, supported the demand. In Taiwan, employers provide supplementary retirement benefits to their employees through group annuity insurance plans.

Life PA&H insurance market in Taiwan

As of July 2021, personal accident and health insurers showed a growth business in 2020, according to the FSC. Personal accident and health insurance recorded consistent growth during the review period, as insurers focused on product development on preventive and disease-specific insurance products. Dementia care and advanced cancer screening insurance products are some of the examples of products that have emerged as a key focus for life insurers. The use of health apps, remote healthcare services are another developmental area for insurers.

Taiwan life insurance market, by line of business

Taiwan life insurance market, by line of business

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

The key distribution channel segments of the life insurance market in Taiwan are bancassurance, agencies, and other distribution channels. Bancassurance was the leading life insurance distribution channel in Taiwan followed by agencies and other distribution channels.

The bancassurance channel mainly focuses on interest-sensitive life insurance products. Bancassurance regulation allows banks, security firms, and insurers to cross-sell financial products through intermediaries such as brokers or agents. Bancassurance’s share is expected to improve over the forecast period, as more banks and insurers leverage technologies such as artificial intelligence, robotic process automation, open finance, and blockchain to understand customers’ preferences and provide personalized solutions in real-time.

Taiwan life insurance market, by distribution channel

Taiwan life insurance market, by distribution channel

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Which are the major life insurance companies in Taiwan?

Some of the major life insurance companies in Taiwan are Cathay Life Insurance Co Ltd, Fubon Life Assurance Co Ltd, Nan Shan Life Insurance Co Ltd, Shin Kong lnsurance Co Ltd, China Life Insurance Co Ltd, Taiwan Life Insurance Co Ltd, Mercuries Life Insurance Co Ltd, Chunghwa Post Co Ltd, Global Life Insurance Co Ltd, and Far Glory Life Insurance Co Ltd.

Cathay Life Insurance Co Ltd was the leader in the Taiwanese life insurance market in 2020, followed by Fubon Life Assurance Co Ltd and Nan Shan Life Insurance Co Ltd.

Taiwan life insurance market, by company

Taiwan life insurance market, by company

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Market Report Scope

Market size (2020) TWD3,164 billion
CAGR <1%
Forecast period 2020-2025
Key lines of business General Annuity Insurance, Life PA&H Insurance, and Other Life Insurance
Key distribution channels Bancassurance, Agencies, and Other Distribution Channels
Key companies Cathay Life Insurance Co Ltd, Fubon Life Assurance Co Ltd, Nan Shan Life Insurance Co Ltd, Shin Kong lnsurance Co Ltd, China Life Insurance Co Ltd, Taiwan Life Insurance Co Ltd, Mercuries Life Insurance Co Ltd, Chunghwa Post Co Ltd, Global Life Insurance Co Ltd, and Far Glory Life Insurance Co Ltd.

 Scope

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

  • It provides historical values for the Taiwanese life insurance segment for the report’s 2016-2020 review period and projected figures for the 2020-2025 forecast period.
  • It profiles the top life 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 life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Taiwanese life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

Cathay Life Insurance Co Ltd ( Taiwan)

Fubon Life Assurance Co Ltd

Nan Shan Life Insurance Co Ltd

Shin Kong lnsurance Co Ltd

China Life Insurance Co Ltd – Taiwan

Taiwan Life Insurance Co Ltd

Mercuries Life Insurance Co Ltd

Chunghwa Post Co Ltd

Global Life Insurance Co Ltd

Far Glory Life Insurance Co Ltd

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

General Annuity

Other Life Insurance

Personal Accident and Health Insurance

Distribution Channels

Competitive Landscape

Competitors Profiles

Reinsurance Overview

Regulatory and Compliance

Insurtech

Appendix

Frequently Asked Questions

The gross written premium of life insurance market in Taiwan was valued at TWD3,164 billion in 2020.

The life insurance market in Taiwan is expected to grow at a CAGR of less than 1% during the forecast period.

The key lines of business in the life insurance market in Taiwan are general annuity insurance, life PA&H insurance, and other life insurance.

The key distribution channel segments of the life insurance market in Taiwan are bancassurance, agencies, and other distribution channels.

Some of the major life insurance companies in Taiwan are Cathay Life Insurance Co Ltd, Fubon Life Assurance Co Ltd, Nan Shan Life Insurance Co Ltd, Shin Kong lnsurance Co Ltd, China Life Insurance Co Ltd, Taiwan Life Insurance Co Ltd, Mercuries Life Insurance Co Ltd, Chunghwa Post Co Ltd, Global Life Insurance Co Ltd, and Far Glory Life Insurance Co Ltd.

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