New Insurance market report from Timetric: "Non-Life Insurance in Taiwan, Key Trends and Opportunities to 2017"
Boston, MA -- (SBWIRE) -- 01/27/2014 -- The size and significance of the Taiwanese non-life segment is relatively small compared with other Asian countries such as Japan and Hong Kong. The Taiwanese non-life segment's penetration stood at 0.75% in 2012, compared with Japan with 1.5% and Hong Kong with 0.9%, indicating that there is a large potential customer base in the country. Furthermore, Taiwan is one of the best performing economies in the East Asian region. Growing exports to key Asian countries such as Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines have contributed to economic growth. In 2012, the total exports to these countries valued US$56.1 billion, or approximately 19.0% of total Taiwanese exports. The continued growth in exports and the export-driven economy generated business for the general liability category during the review period. As such, the general liability category grew at the fastest CAGR of 8.5% in the non-life segment during the review period. This, combined with growth in motor insurance, drove the total growth of the non-life segment during the review period. As such, the written premium of the segment increased from TWN96.7 billion (US$3.1 billion) in 2008 to TWN105.5 billion (US$3.6 billion) in 2012, at a CAGR of 2.2% during the review period.
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- The Taiwanese non-life segment's penetration stood at 0.75% in 2012, compared with 1.5% in Japan and 0.9% in Hong Kong
- Taiwan is prone to various fire-related disasters in its petrochemicals, power and textile industries, and other natural disasters such as earthquakes and typhoons, and there is a high demand for insurance against natural disasters in the country
- The general liability category grew at the fastest CAGR of 8.5% in the non-life segment during the review period
- Agencies were the largest channel and accounted for 54.8% of the total new business written premium in 2012, due to the increasing proportion of the Taiwanese population owning automobiles and property
- The five leading companies collectively accounted for 61.3% of the segment's gross written premium in 2012
This report provides a comprehensive analysis of the non-life insurance segment in Taiwan:
- It provides historical values for Taiwan's non-life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key categories in Taiwan's non-life insurance segment, along with market forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for non-life insurance products in Taiwan
Companies Mentioned in this Report: Fubon Insurance Company Ltd, Cathay Century Insurance Co., Ltd, Shinkong Insurance Co., Ltd, Tokio Marine Newa Insurance Co. Ltd, South China Insurance Company Ltd, Taian Insurance Company Ltd, Union Insurance Company Ltd, Chung Kuo Insurance Co. Ltd, The First Insurance Co., Ltd
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