The insurance industry has not escaped its COVID impact but insurers have responded quickly to the crisis. As the broader economy recovers and responds to the pandemic, insurers will face a number of challenges but also see many new opportunities in the medium to long term.
Motor insurance, which accounts for 53.7% share in terms of GWP, grew by 7.0% in 2020 in Taiwan. An increase in premium prices and strong growth in vehicle sales helped its growth. However, the short-term outlook for motor insurance remains negative due to the Taiwan shortage of semiconductors.
In 2021 Taiwan has 17.4% in life and non-life insurance penetration in selected countries worldwide.The market share of the top 20 countries also rose slightly to 90.7 per cent in 2021 from 90.5 per cent in 2020. Among the top 20 countries of the world, there are six Asian countries (China, Japan, South, Korea, Taiwan, India and Hong Kong) with market share of about 25 per cent.
It is expected that emerging markets shall continue to outpace advanced markets and Asia to outperform other regions, with the ongoing shift in economic power from west to east reflected in the source of global premium growth.
Insurance density can increase in the coming year due to recovering in the economy and an increase in GDP (Gross domestic product) per capita income. The insurance industry will grow in the coming years. Government initiatives to boost the insurance industry by implementing new regulations and economic policies aimed at boosting consumer spending.
The demand for the insurance in Taiwan is still primarily driven by government legislation and consumer penetration strategies of major insurance players. Recently, the digital platforms through which products and services are provided are on the rise.
We see many more motor insurance policies sold online. However, so far we have seen this agility more with the larger insurance players. Digital platforms, when adequately designed and when taking into account target market’s needs, are certainly beneficial; they allow insurers to easily access large pools of new customers, whose demands and needs are aligned with the relevant product offer. They can also lower the costs of distribution.
The report covers the major players operating in the Taiwan Motor Insurance Market. The market is consolidated, the market is expected to grow during the forecast period due to the increase in premiums of the automobile and many other factors are driving the factors driving the market.
This product will be delivered within 2 business days.
Motor insurance, which accounts for 53.7% share in terms of GWP, grew by 7.0% in 2020 in Taiwan. An increase in premium prices and strong growth in vehicle sales helped its growth. However, the short-term outlook for motor insurance remains negative due to the Taiwan shortage of semiconductors.
Key Market Trends
Taiwan’s Insurance penetration is highest in the world
In 2021 Taiwan has 17.4% in life and non-life insurance penetration in selected countries worldwide.The market share of the top 20 countries also rose slightly to 90.7 per cent in 2021 from 90.5 per cent in 2020. Among the top 20 countries of the world, there are six Asian countries (China, Japan, South, Korea, Taiwan, India and Hong Kong) with market share of about 25 per cent.
It is expected that emerging markets shall continue to outpace advanced markets and Asia to outperform other regions, with the ongoing shift in economic power from west to east reflected in the source of global premium growth.
Insurance density has potential to increase
Insurance density can increase in the coming year due to recovering in the economy and an increase in GDP (Gross domestic product) per capita income. The insurance industry will grow in the coming years. Government initiatives to boost the insurance industry by implementing new regulations and economic policies aimed at boosting consumer spending.
The demand for the insurance in Taiwan is still primarily driven by government legislation and consumer penetration strategies of major insurance players. Recently, the digital platforms through which products and services are provided are on the rise.
We see many more motor insurance policies sold online. However, so far we have seen this agility more with the larger insurance players. Digital platforms, when adequately designed and when taking into account target market’s needs, are certainly beneficial; they allow insurers to easily access large pools of new customers, whose demands and needs are aligned with the relevant product offer. They can also lower the costs of distribution.
Competitive Landscape
The report covers the major players operating in the Taiwan Motor Insurance Market. The market is consolidated, the market is expected to grow during the forecast period due to the increase in premiums of the automobile and many other factors are driving the factors driving the market.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Fubon Life insurance co. Ltd
- Cathay Century Insurance Co., Ltd.
- Shin kong insurance
- Msig Mingtai insurance co. ltd
- Tokio Marine Newa Insurance Co., Ltd.
- Union Insurance
- South China Insurance
- Taian Insurance
- Chung kuo insurance
- The First Insurance Co., Ltd.*
Methodology
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