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Hong Kong

Life Report

Product Insurance Market Reports Life Rev Hong Kong

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Taiwan's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Taiwan's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Taiwan

The Taiwan life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Taiwan.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Taiwan and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Taiwan’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Taiwan is available.

Axco’s report describes the regulatory framework that applies to the Taiwanese domestic life insurance sector, including whether non-admitted insurance is permitted in Taiwan; as well as the legislation necessary to know regarding Taiwan’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Taiwan with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Taiwanese market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Taiwan, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Taiwan pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Taiwan report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Taiwan Life and Benefits Report Extract

Below are brief extracts of information from the Taiwan Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Premium growth of 9.16% for the market in 2017 saw premiums increase from TWD 3.13trn (USD 96.92bn) to TWD 3.42trn (USD 112.35bn). Initial figures for 2018 show a further rise of 2.67% to TWD 3.51trn (USD 116.26bn). Despite the wishes of the regulator, the market continues to be dominated by savings products.

The proportion of total assets of life insurers compared with the total for all financial institutions ....

Pensions

There is almost no pensions business in Taiwan. This is essentially due to the extent of the combined social security (under the Labor Insurance Act - LIA and the National Pension Act - NPA) and mandatory retirement benefit provision (under the Labor Pension Act - LPA and the Labor Standards Act - LSA) and the lack of any additional tax incentives to encourage this type of savings ....

Healthcare

Most healthcare in Taiwan is provided in terms of the social security benefits provided by the National Health Insurance Administration (NHIA) from which no contracting-out is allowed. Prospects for change in this regard are limited as public satisfaction with the NHI is extremely high, reported to be over 86% at the end of 2018.

Total premiums written by life insurance companies for health insurance in 2017 amounted to TWD 353.16bn ....

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