Health insurance - Taiwan | Statista Market Forecast

The Health insurance market market in Taiwan is expected to reach a market size of US$2.86bn in 2024 in terms of gross written premium.
In the same year, the average spending per capita in the Health insurance market market is projected to amount to US$119.20.
Looking ahead, the market is anticipated to grow at an annual rate of -1.19% between 2024 and 2029, resulting in a market volume of US$2.69bn by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium in the Health insurance market market, reaching US$1.7tn in 2024.
Taiwan's health insurance market is characterized by a strong emphasis on preventive care and a high level of coverage for traditional Chinese medicine.

Definition:

Health insurance is a financial arrangement in which individuals or groups pay regular premiums to a provider, typically an insurance company. In exchange for these premiums, the insurer offers coverage and financial assistance for various healthcare-related costs, including but not limited to medical consultations, hospitalization, prescription medications, and other medical services. According to our current definition, the health insurance market includes voluntary health insurances.

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.

Voluntary health insurance contributions

Compulsory health insurance contributions
Government schemes
Out-of-pocket payments
Reinsurance

In Taiwan, the Health insurance market is experiencing significant growth and evolution.

Customer preferences: Customers in Taiwan are increasingly seeking comprehensive health insurance coverage that includes not only basic medical expenses but also additional benefits such as wellness programs and alternative medicine coverage. This shift in preferences is driven by the rising awareness of the importance of preventive healthcare and the desire for a more holistic approach to well-being.

Trends in the market: One noticeable trend in the Health insurance market in Taiwan is the increasing demand for digital health insurance services. Customers are looking for convenient ways to manage their policies, file claims, and access healthcare services online. Insurers in Taiwan are responding to this trend by investing in digital platforms and mobile apps to enhance customer experience and engagement. Another trend is the growing popularity of health insurance products tailored for specific demographics, such as the elderly population or individuals with chronic conditions. Insurers are developing specialized plans to meet the unique needs of these customer segments.

Local special circumstances: Taiwan has a well-established universal healthcare system that provides basic coverage to all residents. As a result, the private health insurance market in Taiwan focuses on offering supplementary coverage and additional benefits beyond what is provided by the government. This unique healthcare landscape has created opportunities for insurers to differentiate their products and target specific customer segments looking for enhanced coverage and services.

Underlying macroeconomic factors: The growing middle-class population in Taiwan, coupled with increasing disposable income levels, has contributed to the expansion of the Health insurance market. As more individuals are able to afford private health insurance, the market is experiencing steady growth. Additionally, the aging population in Taiwan is driving demand for health insurance products that cater to the healthcare needs of seniors. Insurers are developing innovative solutions to address the unique challenges faced by this demographic, further fueling the growth of the market.

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.

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