Non-Life Insurance in Taiwan, Key Trends and Opportunities to 2017

Date: 2015-09

The size and significance of the Taiwanese non-life segment is relatively small compared with other Asian countries such as Japan and Hong Kong. The Taiwanese non-life segmentโ€™s penetration stood at 0.75% in 2012, compared with Japan with 1.5% and Hong Kong with 0.9%, indicating that there is a large potential customer base in the country. Furthermore, Taiwan is one of the best performing economies in the East Asian region. Growing exports to key Asian countries such as Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines have contributed to economic growth. In 2012, the total exports to these countries valued US$56.1 billion, or approximately 19.0% of total Taiwanese exports. The continued growth in exports and the export-driven economy generated business for the general liability category during the review period. As such, the general liability category grew at the fastest CAGR of 8.5% in the non-life segment during the review period. This, combined with growth in motor insurance, drove the total growth of the non-life segment during the review period. As such, the written premium of the segment increased from TWN96.7 billion (US$3.1 billion) in 2008 to TWN105.5 billion (US$3.6 billion) in 2012, at a CAGR of 2.2% during the review period.

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