Taiwan General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Taiwan General Insurance Market Report Overview

The gross written premium (GWP) of the Taiwan general insurance market was TWD233.7 billion ($7.4 billion) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027. The Taiwan General Insurance market research report provides an in-depth analysis of various product categories in the Taiwanese GI market. The report gives an overview of the country’s economic outlook and the general insurance regulatory and compliance framework.

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

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

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In addition, the report covers the emerging trends in the market segments, key performance indicators, and growth prospects for the Taiwan GI industry for the forecast period. The report also gives an insight into the distribution channels, the key players, and the competitive landscape in the Taiwan GI market.

Market Size (2022) TWD233.7 billion ($7.4 billion)
CAGR (2023-2027) >6%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Trends •       ESG

•       Digital Initiatives

•       Electric Vehicles (EVs)

Key Lines of Business •       Property

•       Motor

•       Liability

•       Financial Lines

•       MAT

•       Non-Life PA&H

•       Miscellaneous

Key Distribution Channels •       Insurance Brokers

•       Agencies

Leading Companies •       Fubon Insurance

•       Cathay Century Insurance

•       Shin Kong Fire and Marine Insurance

•       Tokio Marine Newa

•       Mingtai Fire and Marine Insurance

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Taiwan General Insurance Market Trends

The growing focus on ESG initiatives, surging demand for EVs, and digital transformation initiatives are the key trends impacting the Taiwanese GI market.

Digital Initiatives: With the advancement of various technologies, such as efficient facial recognition and biometric verification, increased cyber security, and smooth internet connection, the infrastructure needed for remote insurance businesses must be met. For this purpose, CyberLink Corporation, a multimedia software company based in Taiwan, launched the server-based facial recognition system FaceMe Platform in August 2023. It offers customers of banking, financial services, and insurance (BFSI) industries precise biometric identity verification for customer login or account creation for secure transactions and protection against fraud.

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Taiwan General Insurance Market Segmentation by Lines of Business

The key lines of business in the Taiwan general insurance market are property, motor, liability, financial lines, MAT, non-life PA&H, and miscellaneous. Motor insurance was the leading LoB accounting for the highest share of the Taiwan general insurance market in 2022, supported by an increase in vehicle sales. The property insurance LOB had the second-highest GWP share in 2022, mainly driven by an increase in FDI in the construction industry. Additionally, fire and natural hazard insurance will account for more than 80% of total property insurance premiums as Taiwan is prone to natural hazards, such as earthquakes, landslides, and floods.

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

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

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Taiwan General Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Taiwan general insurance market are direct from insurance brokers and agencies among others. Insurance brokers were the leading distribution channel in 2022 indicating a preference for traditional distribution channels.

Taiwan Motor General Insurance Market Analysis by Distribution Channels, 2023 (%)

Taiwan Motor General Insurance Market Analysis by Distribution Channels, 2023 (%)

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Taiwan General Insurance Market - Competitive Landscape

The general insurance sector was concentrated in 2022, with domestic financial groups dominating the competitive landscape with their multiple subsidiaries. The key insurers in the Taiwan general insurance market are Fubon Insurance, Cathay Century Insurance, Shin Kong Fire and Marine Insurance, Tokio Marine Newa, and Mingtai Fire and Marine Insurance among others. Fubon Insurance held the largest share in 2022, followed by Cathay Century Insurance, and Shin Kong Fire and Marine Insurance.

The company allows customers to purchase insurance policies, pay premiums, and make claims through the company’s website. The Fubon Insurance app allows users to buy/renew insurance policies and to inquire about the claim progress and provides the latest news and insurance discount codes. It also provides trial insurance coverage through the app.

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

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

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Segments Covered in the Report

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

  • Property
  • Motor
  • Liability
  • Financial Lines
  • MAT
  • Non-Life PA&H
  • Miscellaneous

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

  • Insurance Brokers
  • Agencies

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in Taiwan.
  • Historical values for the Taiwan 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 and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Taiwan’s general insurance segment.
  • A comprehensive overview of Taiwan’s economy, government initiatives, and investment opportunities.
  • Taiwan’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Taiwan’s general insurance industry’s market structure gives details of lines of business.
  • Taiwan’s general reinsurance business market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by Taiwan’s general insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

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

Fubon Insurance
Cathay Century Insurance
Shin Kong Fire and Marine Insurance
Tokio Marine Newa
Mingtai Fire and Marine Insurance
South China Insurance
Hotai Motor
Union Insurance

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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