Property Insurance - Taiwan | Statista Market Forecast

The Property Insurance market market in Taiwan is projected to reach a market size of US$1.21bn in 2024, based on the gross written premium.
It is expected that the average spending per capita in the Property Insurance market market will amount to US$50.46 in 2024.
The gross written premium is anticipated to exhibit an annual growth rate of 6.11% (CAGR 2024-2029), resulting in a market volume of US$1.63bn by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium of US$240.4bn in 2024.
The property insurance market in Taiwan is experiencing a surge in demand due to the growing number of high-rise buildings and the need for comprehensive coverage against natural disasters.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Over the past few years, the Property Insurance market in Taiwan has experienced significant growth and development. Customer preferences in the Property Insurance market in Taiwan have been shifting towards comprehensive coverage that not only protects against natural disasters but also covers theft and liability. Customers are increasingly looking for customized insurance plans that suit their specific needs and provide them with peace of mind. One of the key trends in the Property Insurance market in Taiwan is the increasing adoption of digital channels for purchasing insurance policies. Insurers are leveraging technology to streamline the buying process, making it more convenient for customers to research, compare, and purchase policies online. Another trend in the market is the growing demand for green insurance products. As environmental awareness increases among consumers, there is a rising interest in insurance policies that provide coverage for eco-friendly buildings and renewable energy installations. Local special circumstances in Taiwan, such as the frequent occurrence of typhoons and earthquakes, have contributed to the growth of the Property Insurance market. These natural disasters have highlighted the importance of having adequate insurance coverage for both residential and commercial properties. Underlying macroeconomic factors, such as the steady economic growth and increasing disposable income in Taiwan, have also played a role in the development of the Property Insurance market. As individuals and businesses accumulate wealth, they are more inclined to protect their assets through insurance coverage. Overall, the Property Insurance market in Taiwan is evolving to meet the changing needs and preferences of customers. With a focus on comprehensive coverage, digital innovation, and green insurance products, the market is poised for further growth in the coming years.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.