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Taiwan Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 20
The insurance industry of Taiwan is the one of the largest insurance markets in the Asia pacific region. The industry has been growing mainly on account liberalization policies of the government, increased awareness, tendency of wealth accumulation as well as the growing economy and increased per capita income. Apart from this, the insurance industry has also benefited from the surging demand for insurance products, particularly life insurance (endowment) products. In Taiwan, life insurance market accounts for a larger share of the Taiwan insurance business.
Taiwan is mainly known for having one of the highest insurance densities in the Asia Pacific region - second only to Japan. In terms of penetration rate, the industry has high penetration rate but there is huge difference between the penetration rate of its segments as Life has very high penetration rate and non-life has very low penetration. The key reason behind this difference is that despite being receptive to life insurance products, the decreasing investment by domestic consumers in automobiles and natural disaster exposures have restricted growth of the non-life insurance business. In the coming years, although the life segment will continue to dominate the insurance market, the non-life segment is expected to start recording growth on account of growth in casualty, engineering and natural disaster insurance.
The present report gives an overview of Taiwan’s insurance market along with the analysis of Taiwan’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Taiwanese insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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