Non-life insurances - Taiwan | Statista Market Forecast

The Non-life insurance market in Taiwan is expected to witness significant growth in the coming years.
According to projections, the market size, measured in terms of gross written premium, is set to reach US$9.14bn in 2024.
This indicates a positive trend in the insurance sector within the country.
Furthermore, the average spending per capita in the Non-life insurance market is predicted to amount to US$381.60 in 2024.
This figure highlights the individual contribution to the overall market and signifies the financial involvement of the population in insurances.
In terms of market expansion, the gross written premium is forecasted to display an annual growth rate (CAGR 2024-2029) of 3.37%.
This steady increase is expected to result in a market volume of US$10.79bn by 2029.
This growth indicates the potential for a larger market and presents opportunities for both insurers and consumers in Taiwan.
When compared globally, it is noteworthy that the United States is projected to generate the highest gross written premium in the Non-life insurance market, with a figure of US$2.5tn in 2024.
This demonstrates the significant size and influence of the US insurance market.
In conclusion, the Non-life insurance market in Taiwan is expected to experience substantial growth in the coming years.
The market size, per capita spending, and anticipated annual growth rate indicate a positive outlook for the insurance sector within the country.
However, it is vital to recognize the global dominance of the United States in terms of gross written premium.
Taiwan's non-life insurance market is experiencing steady growth due to increasing awareness about the importance of insurance coverage among individuals and businesses.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Taiwan has been experiencing significant growth and development in recent years. Customer preferences in Taiwan's Non-life insurances market have been shifting towards policies that offer comprehensive coverage and innovative solutions to meet the evolving needs of consumers. Customers are increasingly seeking customizable insurance products that provide flexibility and value-added services, reflecting a global trend towards personalized insurance offerings. Trends in the market indicate a rise in demand for non-traditional insurance products such as cyber insurance and environmental liability coverage. This shift is driven by the increasing awareness of emerging risks and the need for specialized protection in an interconnected world. Insurers in Taiwan are adapting to these trends by expanding their product portfolios to cater to the changing needs of customers. Local special circumstances in Taiwan, such as the island nation's vulnerability to natural disasters like typhoons and earthquakes, have influenced the development of the Non-life insurances market. Insurers have responded by offering tailored policies that provide specific coverage for these risks, ensuring that customers are adequately protected against potential losses. Underlying macroeconomic factors, including Taiwan's stable economic growth and rising household income levels, have also contributed to the expansion of the Non-life insurances market. As disposable incomes increase, consumers are more willing to invest in insurance products to safeguard their assets and mitigate financial risks, driving the overall growth of the market. Overall, the Non-life insurances market in Taiwan is characterized by evolving customer preferences, emerging trends in product offerings, unique local circumstances, and supportive macroeconomic conditions that are shaping the industry's development and driving growth in the sector.

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.