Life Insurance in Taiwan, Key Trends and Opportunities to 2019

Date: 2015-11

“• Taiwan’s insurance segment occupied first place globally in terms of penetration rate in 2014. The segment’s penetration rate stood at 14.9% of the GDP in 2014.

• Better returns on savings related insurance products compared to bank deposit rates was the major factor behind high penetration rate of life segment.

• Long-term products are preferred by the Taiwanese customers as they provide better financial assistance in later stages of life.

• The Taiwanese life segment is dominated by domestic insurers. According to the Taiwan Insurance Institute (TII), there were 29 life insurance providers in 2014, of which 24 are domestic and five are foreign.

• Government support for microinsurance products, favorable regulatory changes and steady economic growth are expected to support the life segment over the forecast period.”

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