"Taiwan Insurance Report Q4 2014" now available at Fast Market Research

Taiwan's life insurance sector is among the largest in the world by any measurement, with 2014 premiums totalling USD81.4bn, and will continue to grow, passing USD100bn by 2017. Non-life business is far smaller at USD16bn in 2014, the majority of which is written by life insurers through health and personal accident insurance. In both sectors, the same three insurers, Cathay, Fubon and Nan Shan, control around 50% of gross premiums.

The life insurance sector, as one of the largest and most mature in the world, dominates the Taiwanese insurance industry. Density reached USD3,500 in 2014, a figure that we forecast to rise to around USD4,800 by 2018 as the industry continues to innovate and benefit from a population that is ageing and exhibiting a growing propensity to save. Nan Shan Life has emerged in 2012 and 2013 to stake a claim to third place in the life sector, in addition to its existing strength as a health insurer, but opportunities are limited for others to replicate this growth and move into a top three dominated by Nan Shan, Cathay Life and Fubon Life.

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Non-life insurance, particularly in comparison to the life sector, is underdeveloped, with per capita premiums of USD690. Furthermore, if we exclude health insurance, as the Taiwanese authorities do, the non-life sector writes premiums of only USD3.7bn a year, of which over half are in motor insurance. Health insurance, however, is a strong market, with premiums set to pass USD10bn in 2014, and showing persistent growth. Personal accident insurance is also a promising line, thanks in part to its ties to health insurance, and will grow by around 10% per annum to 2018. The same three companies, Cathay, Fubon and Nan Shan, lead the market for non-life insurance, through their health insurance offerings, and Cathay and Fubon's sister companies lead the rest of the non-life market.

Recent Developments

* Some regulatory restrictions to investment have been loosened, allowing Taiwan's life...

The Taiwan Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Taiwan Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Taiwanese insurance industry.

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