Just Published: "Taiwan Insurance Report Q1 2015"

Taiwan's insurance market is large and very well developed, with several major domestic and multinational firms active in both the life and non-life sectors. Premiums are set to increase across all major lines, with particularly healthy growth expected in terms of life and health insurance - which dominate the insurance market in Taiwan. Although mature, there are still substantial opportunities for expansion, especially through product innovation.

In both the life and non-life sectors, the same three insurers, Cathay, Fubon and Nan Shan, control around 50% of gross premiums, and other insurers struggle to achieve substantial market shares. Moving forward we expect to see some market consolidation amongst the smaller firms, while the larger companies will likely look abroad, particularly to China, for future expansion opportunities. Taiwan's insurance market benefits from a very well developed and robust regulatory environment and generally stable claims trends.

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The life insurance sector in Taiwan, one of the largest in the world, continues to dominate the domestic insurance industry. Penetration is very high, at over 16%, and density is also positive, with a per capita rate of over USD3,500 - reflecting a strong tradition for life insurance products. We expect life premiums to increase steadily over the forecast period, based on domestic economic growth. Although market penetration is already high, over the longer term, as Taiwan's population ages and state retirement benefits are reduced, we expect to see further growth in the life sector.

Health insurance, included in our report under non-life, is one of the biggest insurance lines in Taiwan, with premiums expected to reach USD10.9bn in 2015. The other non-life segments are less well developed, with motor insurance premiums at around USD2.4bn in 2015 and personal accident insurance at USD2.6bn. Non-life penetration is much lower than life insurance penetration, indicating substantial...

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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