Strategic Market Intelligence: Life Insurance in Taiwan - Key Trends and Opportunities to 2022

Strategic Market Intelligence: Life Insurance in Taiwan - Key Trends and Opportunities to 2022

Summary

The Insurance Bureau (IB), under the Financial Supervisory Commission (FSC), is the government body responsible for regulating and supervising the Taiwanese insurance industry. The guidelines for regulating and supervising the activities of insurers, reinsurance companies and intermediaries are stipulated in the Insurance Act 1929, which was amended in 2015.

On August 17, 2018, the FSC updated the order of design and sale of life insurance products for the elderly population, which came into effect on July 1, 2018. The changes in regulations which governed foreign investment by insurance companies altered the structure of the insurance product’s composite score, which provided an incentive to life insurers to increase the foreign investment and thereby supporting an increase in product offerings to elderly individuals in the country.

Key Findings

• The Taiwanese life insurance segment grew from TWD2.2 trillion (US$75.2 billion) in 2013 to TWD3.0 trillion (US$98.5 billion) in 2017, at a review-period (2013-2017) CAGR of 7.7%


• A growing economy and favorable demographics will continue to support growth over the forecast period (2017-2022), at a CAGR of 6.4%


• Retail was the largest consumer sub-segment, accounting for 99.8% of its DWP, to value TWD2996.9 billion (US$98.3 million) in 2017


• Around 50% of life insurance premium generated during the review period was derived through guaranteed-return savings products. Demand for savings products was driven by their higher return compared to bank deposits


• The Taiwanese life segment was dominated by domestic insurers. According to the Financial Supervisory Commission (FSC), there were a total of 25 life insurers operating in Taiwan in 2017


• The segment was competitive, with 18 domestic and seven foreign insurers operating in the country


• Life insurers account for the majority of the health insurance business


• Bancassurance and agents are the two most prominent distribution channels in the life insurance segment in Taiwan

The report "Strategic Market Intelligence: Life Insurance in Taiwan - Key Trends and Opportunities to 2022", provides a detailed outlook by product category for the Taiwanese life insurance segment. It provides values for key performance indicators such as written premium, gross claims, life insurance penetration, total assets and total investment income during the review period (2013-2017) and forecast period (2017-2022). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Taiwanese economy and demographics, and provides detailed information on the competitive landscape in the country. The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Key Highlights

• Key insights into the dynamics of the Taiwanese life insurance industry


• Comparison of Taiwan's life insurance segments, along with premium and claim trends


• A comprehensive overview of the Taiwanese economy, government initiatives, FDI, country risk, and investment opportunities


• Taiwan's insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements


• Taiwanese life insurance industry’s market structure giving details of retail and commercial lines of business with market shares


• Distribution channels deployed by Taiwan's life insurers


• Details of the competitive landscape, M&A and competitors’ profiles

Companies mentioned: Cathay Life lnsurance, Fubon Life Assurance, Nan Shan Life Insurance, Taiwan Life Insurance, Shin Kong lnsurance, China Life Insurance - Taiwan, Chunghwa Post, Mercuries Life Insurance, Allianz Taiwan Life, Transglobe Life Insurance

Scope

• This report provides a comprehensive analysis of the life insurance segment in Taiwan.


• It provides historical values for the Taiwanese life insurance segment for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.


• It offers a detailed analysis of the key categories in the Taiwanese life insurance segment, and market forecasts to 2022.


• It analyzes the various distribution channels for life insurance products in Taiwan.


• It profiles the top life insurance companies in Taiwan and outlines the key regulations affecting them.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to Taiwan's life insurance segment, and each category within it.


• Understand the demand-side dynamics, key market trends and growth opportunities in the Taiwanese life insurance segment.


• Assess the competitive dynamics in the life insurance segment.


• Identify growth opportunities and market dynamics in key product categories.


• Gain insights into key regulations governing the Taiwanese insurance industry, and their impact on companies and the industry's future.