General Liability Insurance - Taiwan

The market size (gross written premium) of the General Liability Insurance market market in Taiwan is projected to reach US$497.00m in 2024.
The average spending per capita in the General Liability Insurance market market is expected to amount to US$20.75 in 2024.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 1.10%, resulting in a market volume of US$524.90m by 2029.
In a global comparison, the United States is expected to generate the highest gross written premium, amounting to US$178.4bn in 2024.
Taiwan's General Liability Insurance market is experiencing a surge in demand due to the country's growing emphasis on risk management and protection against potential legal liabilities.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

Over the past few years, the General Liability Insurance market in Taiwan has experienced steady growth and development.

Customer preferences: Customers in Taiwan are increasingly seeking comprehensive General Liability Insurance coverage to protect their businesses from potential risks and lawsuits. With the rise of litigation and regulatory requirements, businesses are becoming more aware of the importance of having adequate liability insurance coverage to safeguard their operations.

Trends in the market: One notable trend in the General Liability Insurance market in Taiwan is the increasing demand for product liability insurance, driven by the growing number of product-related lawsuits and quality control concerns. Additionally, there is a rising interest in professional liability insurance among service-based businesses to mitigate risks associated with professional errors or negligence.

Local special circumstances: Taiwan's unique geographical location and exposure to natural disasters such as typhoons and earthquakes have led to a growing emphasis on liability insurance coverage for property damage and business interruptions. This has prompted businesses in Taiwan to prioritize comprehensive liability insurance policies that include coverage for natural disasters and other unforeseen events.

Underlying macroeconomic factors: The stable economic growth in Taiwan has contributed to the overall expansion of the General Liability Insurance market. As businesses continue to thrive and expand, there is a greater need for liability insurance to protect against potential financial losses. Additionally, the increasingly stringent regulatory environment in Taiwan has pushed businesses to reassess their risk management strategies, leading to a greater uptake of liability insurance products.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.