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Taiwan

Taiwan

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Taiwan Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Taiwan includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Taiwan can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)
GMT +8
Taipei
TWD
23.82 mn
1.97
1.14%
112,523.39
17.99

Taiwan, also known as the Republic of China or Formosa, has a land area of 36,179 square kilometres. Its economy has only a small domestic consumer market and economic success has been achieved through the development of its export sector.

The country is exposed to earthquake and flooding, especially resulting from typhoons, which occur between May and October.

Total market premium in 2017 was TWD 3.59trn, of which non-life premium including PA/health written by the non-life market amounted to TWD 166.81bn, a growth rate of 7.25% over the previous year. 

There are 15 locally registered and operating direct insurers in Taiwan, including a co-operative insurer managed by the Non-Life Insurance Association for the fishing vessel fleet. In addition, there are six branches of overseas insurers, and two representative offices of Japanese insurers. There is one local reinsurer and two branches of foreign reinsurers. The direct market is dominated by the local insurers.

The country is exposed to earthquake and flooding risks, especially resulting from typhoons.

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