Fast Market Research recommends "Taiwan Insurance Report Q2 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 04/15/2014 -- Taiwanese insurance is dominated by the life insurance sector, accounting for around 85% of all premiums written in 2013, a total of US$79.9bn, and growing. Per capita life premiums of US$3400 are among the highest in the world, growing to US$5000 by 2018. The non-life sector only wrote premiums of US$14.2bn in 2013, of which 70% are in the health insurance line, a compulsory line in Taiwan. Three behemoths dominate, and will continue to dominate the industry: Cathay Life, Fubon Life and Nan Shan Life, writing around half of all premiums in both life and non-life sectors.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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The life insurance sector, as one of the largest and most mature in the world, dominates the Taiwanese insurance industry. Density stands at over US$3400 in 2013, a figure that we forecast to rise to around US $5000 by 2018 as the industry continues to innovate and benefit from a population that is ageing and exhibiting a growing propensity to save. Nan Shan Life has emerged in 2012 and 2013 to stake a claim to third place in the life sector, in addition to its existing strength as a health insurer, but opportunities are limited for others to replicate this growth and move into a top three dominated by Nan Shan, Cathay Life and Fubon Life.
Non-life insurance, particularly in comparison to the life sector, is underdeveloped, with per capita premiums of just US$600. Furthermore, if we exclude health insurance, as the Taiwanese authorities do, the non-life sector writes premiums of only US$4.2bn a year, of which half are in motor insurance. Health insurance, however, is a strong market, with premiums passing US$10bn in 2013, and showing persistent growth. Personal accident insurance is also a promising line, thanks in part to its ties to health insurance, and will grow by around 10% per annum to 2018. The same three companies, Cathay, Fubon and Nan Shan, lead the market for non-life insurance, through their health insurance offerings, and Cathay and Fubon's sister companies lead the rest of the non-life market.
Key BMI Forecasts
- Total premiums to grow by 7.2% to US$94.2bn in 2014.
- Of these, US$79.9bn, or 85%, are in life insurance - expansion of 7.2%.
- Non-life premiums to grow by 7.3% in 2014 to US$14.2bn, and US$22.6bn by 2018.
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