Taiwan Insurance Market Intelligence: 2011 Edition

Date: January 23, 2011
Pages: 25
US$ 600.00
Publisher: Koncept Analytics
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: T1192625A24EN

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Taiwan Insurance Market Intelligence: 2011 Edition
Taiwanese insurance industry has been growing mainly on account of liberalization policies introduced by the government in 1986, increased consumer awareness as well as the growing economy. Taiwan ranked third in terms of insurance density in Asia Pacific region in 2009. At the end of 2009, there were 54 insurance companies in Taiwan, of which 31 were engaged in life insurance business and 23 in non-life insurance sector.

Life insurance sector witnessed an increase in premiums in 2009 due to rise in demand for annuity insurances and retirement related policies because of the increasingly aging population in Taiwan. Following the implementation of third phase of price deregulation in April 2009, the non-life insurance companies’ premium income has been gradually declining because of fierce price competition, especially for fire and voluntary automobile insurance.

The Taiwanese insurance market is highly fragmented with a number of market players. Fubon is the market leader in both life and non-life insurance sectors in 2009. Other leading insurers include Ming Tai, South China, Cathay Century, Taian and Chung Kuo. Long-term care insurance is still at the preliminary stage of development and there is room for growth. Innovative products such as accident insurance, micro-insurance and foreign currency-dominated life policies have become popular in Taiwan. It is expected that the premium income from such products will increase and will drive the insurance market in future.

1.1 Industry Structure
  1.1.1 One of the Largest Insurance Markets in Asia Pacific Region
  1.1.2 Liberalization policies encouraged entry of foreign players
1.2 Market Overview
  1.2.1 Market Size & Growth Non-life premiums experienced a decline; life premiums increased in 2009 Increasing demand for medical and nursing services for elderly Innovative products like foreign currency-dominated life policies became popular
  1.2.2 Market Segments Life Is the Largest Segment of the Taiwan Insurance Industry Fierce price war led to fall in premiums of non-life insurers over 2005-2009 Implementation of third phase of price deregulation in April 2009 Lowering of interest rates affected life insurance premiums
  1.2.3 Market Density & Penetration Rise in Insurance penetration in 2009
  1.2.4 Market Size Highly fragmented nature of life insurance sector Fubon as largest personal health and life insurer Declining market share of foreign companies due to financial crisis


2.1 Industry Developments
  Deregulation of Wealth Management Business
  Taiwan Imposed Financial Limits on Mainland Investors
  Introduction of Micro-Insurance Business
  FSC Expanded Health Insurance Business
  Amendments of the Compulsory Automobile Liability Insurance Act
  FSC Eased Risk-Based Capital requirements
  Continued Review of Taiwan Residential Earthquake Insurance System
  Adoption of International Financial Reporting Standards (IFRSs)
  Mergers and Acquisitions
2.2 Market Drivers
  Expanding Economy
  Demand for Micro-Insurance
  Demand for Residential Earthquake Insurance
  Growth in Health Insurance Market


3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections


4.1 High growth opportunity in long term care insurance and foreign currency-dominated life policies
4.2 Conservative nature of the consumers & interest-sensitive annuity will led to slower growth in life premiums


Taiwanese Annual Insurance Premium: 2002-2009
Taiwanese Net Insurance Premium: Q110 Vs. Q109
Taiwanese Insurance Premium Share (%) by Segment – 2009
Taiwanese Insurance Premium by Segment: 2002-2009
Taiwanese Life Insurance Premium Share (%) by Segment: 2009
Taiwanese Non-Life Insurance Premium Share (%) by Segment: 2009
Taiwanese Insurance Density (US$): 2002 – 2009
Taiwanese Insurance Penetration: 2002 – 2009
Taiwanese Major Life Insurers’ Market Share: 2009
Taiwanese Major Non-Life Insurers’ Market Share: 2009
Taiwan: Major Personal Health Insurer’s Market Shares (2009)
Market Share of Foreign Life Insurers as % of Total Life Insurance Premiums: 2006-2009
Taiwanese GDP Growth of Taiwan: 2002 – 2009
Income Per Capita in Taiwan: 2002 - 2009
Taiwan Residential Earthquake Insurance: 2002-2009
Premiums Received by National Health Insurance: 2002-2009
Healthcare Spending per Person in Taiwan: 2005-2012
Forecast: Taiwanese Insurance Industry: 2009A - 2013F
Forecast: Taiwanese Life & Non-Life Insurance Sectors: 2009A - 2013F


Take-Up Rate of Residential Earthquake Insurance: 2002-2009
Key Macroeconomic Indicators: 2009A – 2014F
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