Taiwan (Province of China) Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Taiwan General Insurance Market Overview

The gross written premium of the Taiwan (Province of China) general insurance market was TWD2,334.4 billion ($78.3 billion) in 2022. The market is expected to achieve a CAGR of more than 2% during 2023-2027. The Taiwan (Province of China) general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Taiwan (Province of China) general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.

Taiwan (Province of China) General Insurance Market Outlook, 2022-2027 (TWD Billion)

Taiwan (Province of China) General Insurance Market Outlook, 2022-2027 (TWD Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Taiwan (Province of China) economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) TWD2,334.4 billion ($78.3 billion)
CAGR (2023-2027) >2%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Trends •       ESG

•       Digital Initiatives

•       Demand for Inclusive Insurance

Key Lines of Business •       Term Life

•       Life PA&H

•       Endowment

•       General annuity

•       Other Life Insurance

Key Distribution Channels •       Agencies

•       Bancassurance

•       Other Distribution Channels

Leading Companies •       Cathay Life Insurance

•       Fubon Life Assurance

•       Nan Shan Life Insurance

•       Shin Kong lnsurance

•       China Life Insurance

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Taiwan (Province of China) General Insurance Market Trends

ESG, digital initiatives, and the demand for inclusive insurance are some of the market trends impacting the Taiwan (Province of China) GI industry. For instance, like the global trends in sustainable development, the Government of Taiwan promotes decarbonization, renewable energy, green finance, and achieving net-zero emissions by 2050. To enhance ESG transparency, the government plans to establish a consolidated ESG platform for public companies in 2024.

In July 2023, Fubon Life released its “2022 Sustainability Report” which is in line with international sustainability accounting standards. The standards correspond to the United Nations Principles for Sustainable Insurance, Sustainability Accounting Standards Board insurance industry standards, the World Economic Forum’s Stakeholder Capitalism Metrics, and the Task Force on Climate-Related Financial Disclosures framework.

Taiwan (Province of China) General Insurance Market Segmentation by Lines of Business

The key lines of business in the Taiwan (Province of China) general insurance market are endowment, term life, general annuity, other life insurance, and life PA&H among others. Term life insurance had the highest market share in Taiwan (Province of China) general insurance market in 2022. It was followed by endowment insurance.

Term life insurance declined in the last few years with rising inflation rates eroding the average disposable income of customers. However, it is expected to grow over 2023–2027, with regulatory developments allowing neo-insurers to sell term life insurance online.

Taiwan (Province of China) General Insurance Market Analysis by Lines of Business, 2022 (%)

Taiwan (Province of China) General Insurance Market Analysis by Lines of Business, 2022 (%)

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Taiwan (Province of China) General Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Taiwan (Province of China) general insurance market are bancassurance, agencies, and other distribution channels. Bancassurance led the distribution channels in DWP in 2022. It was followed by agencies. Bancassurance and agencies are expected to remain the leading distribution channels in 2027.

Taiwan (Province of China) General Insurance Market Analysis by Distribution Channels, 2022 (%)

Taiwan (Province of China) General Insurance Market Analysis by Distribution Channels, 2022 (%)

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Taiwan (Province of China) General Insurance Market - Competitive Landscape

Some of the leading insurers in Taiwan (Province of China) are Cathay Life Insurance, Fubon Life Assurance, Nan Shan Life Insurance, Shin Kong lnsurance, and China Life Insurance among others. Cathay Life Insurance was the leading general insurer in 2022. This was followed by Fubon Life Assurance.

Taiwan (Province of China) General Insurance Market Analysis, by Companies, 2022 (%)

Taiwan (Province of China) General Insurance Market Analysis, by Companies, 2022 (%)

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Segments Covered in the Report

Taiwan (Province of China) General Insurance Market Lines of Business Outlook (Value, TWD Billion, 2018-2027)

  • Endowment
  • Term life
  • General annuity
  • Other life insurance
  • Life PA&H

Taiwan (Province of China) General Insurance Distribution Channel Outlook (Value, TWD Billion, 2018-2027)

  • Agencies
  • Bancassurance
  • Other distribution channels

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in Taiwan (Province of China).
  • Historical values for the Taiwan (Province of China) general insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top general insurance companies in Taiwan (Province of China) and outlines the key regulations affecting them.

Reasons to Buy

  • Key insights and dynamics of Taiwan (Province of China) general insurance segment.
  • A comprehensive overview of Taiwan (Province of China)’s economy, government initiatives, and investment opportunities.
  • Taiwan (Province of China)’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Taiwan (Province of China)’s general insurance industry’s market structure gives details of lines of business.

Cathay Life Insurance
Fubon Life Assurance
Nan Shan Life Insurance
Shin Kong lnsurance
China Life Insurance
Taiwan Life Insurance
Mercuries Life Insurance
Chunghwa Post

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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