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Taiwan Insurance Report Q4 2010
Business Monitor International, Sep 2010, Pages: 73
The Taiwan Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Taiwan's insurance industry.
Writing in August 2010, we have been able to include final data for 2009 and to amend projections for the current year in order to take into account of results for H110 that have actually been released by major cross-border insurers in the Asia-Pacific. Total insurance premiums in Taiwan in 2009 amounted to TWD2,108,397mn. This includes TWD321,415mn of non-life premiums and TWD1,786,982mn of life premiums. In 2014, the corresponding figures should be TWD2,561,580mn, TWD437,580mn and TWD2,124,000mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 2.65% of GDP in 2009 to 2.69% in 2014 and for life density to rise from US$2,391 per capita to US$3,000. BMI’s proprietary Insurance Business Environment Rating for Taiwan is 69.4 out of 100.
As in previous quarters, we provide a ranking of the major players in each of the two main segments as they are seen by the organisation providing the data (which, in practice, is usually the regulator or the trade association). In Taiwan the three largest non-life companies in the first half of 2009 in terms of gross written premiums were Fubon, Cathay Century and Shin Kong, with market shares were 20.5%, 10.6% and 9.8% respectively. In the life segment, the leaders in 2008 were Cathay Life, Shin Kong Life and Nan Shan Life, with market shares were 22.8%, 10.8% and 10.6% respectively. Over time, we hope to derive insights from observing how market shares change. We emphasise though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a corporate decision to focus on more profitable business lines.
We also provide a breakdown of the insurance sector by line from the point of view of the regulator or trade association. In Taiwan the largest non-life lines were motor CASCO, fire insurance and motor CMTPL. These accounted for 32%, 20% and 17% respectively of total non-life premiums. Over time, we should be able to use this information to bring greater sophistication to our forecasting process.
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