Life and non-life insurance penetration in selected regions globally 2020-2022
In 2022, insurance penetration was highest in the United States where the value of insurance premiums accounted for almost 12 percent of GDP. Insurance penetration is used as an indicator of insurance sector development within a country and is calculated as the ratio of total insurance premiums to gross domestic product in a given year. Meanwhile, the insurance penetration in Taiwan equaled 11.4 in 2022. Thus, the value of insurance premiums written in Taiwan in that year equaled more than one 10th of its GDP.
FSC concern over high penetration rate
Taiwan’s high insurance penetration rate has led to the region’s Financial Supervisory Commission (FSC) to encourage the public to ensure that their insurance coverage fits their needs. Taiwan’s GDP has been increasing since 2010 and this trend is set to continue through 2027.
Taiwan’s insurance market
The number of property and casualty companies in Taiwan has remained steady over the past decade, whereas the life insurance market has experienced more fluctuation. The Taiwanese population has been gradually climbing over the past decade, which means that the number of potential insurance customers has also been increasing, though this is set to fall from 2025.
FSC concern over high penetration rate
Taiwan’s high insurance penetration rate has led to the region’s Financial Supervisory Commission (FSC) to encourage the public to ensure that their insurance coverage fits their needs. Taiwan’s GDP has been increasing since 2010 and this trend is set to continue through 2027.
Taiwan’s insurance market
The number of property and casualty companies in Taiwan has remained steady over the past decade, whereas the life insurance market has experienced more fluctuation. The Taiwanese population has been gradually climbing over the past decade, which means that the number of potential insurance customers has also been increasing, though this is set to fall from 2025.
