Non-Life Insurance in Taiwan, Key Trends and Opportunities to 2019

Date: 2015-11

“• The non-life segment’s penetration was the lowest in the Taiwanese insurance industry.

• The segment is dominated by the motor category, which accounted for 59.2% of the non-life gross written premium in 2014.

• An increase in vehicle sales and the compulsory nature of third-party motor liability insurance supported the category’s growth during the review period.

• In 2014, the non-life penetration in Taiwan stood at 1.7%.

• Non-life insurance penetration, as a ratio of direct premium to GDP increased from 0.66% in 2010 to 0.73% in 2014. Penetration was low due to a lack of public awareness of the benefits of non-life cover.

• The non-life segment is concentrated, with the five leading companies representing 60.9% of the total segment’s gross written premium in 2014.”

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