(MENAFNEditorial)
Taiwan's life insurance sector is among the largest in the world by any measurement with 2014 premiums totalling USD81.4bn and will continue to grow passing USD100bn by 2017. Non-life business is far smaller at USD16bn in 2014 the majority of which is written by life insurers through health and personal accident insurance. In both sectors the same three insurers Cathay Fubon and Nan Shan control around 50% of gross premiums.
The life insurance sector as one of the largest and most mature in the world dominates the Taiwanese insurance industry. Density reached USD3500 in 2014 a figure that we forecast to rise to around USD4800 by 2018 as the industry continues to innovate and benefit from a population that is ageing and exhibiting a growing propensity to save. Nan Shan Life has emerged in 2012 and 2013 to stake a claim to third place in the life sector in addition to its existing strength as a health insurer but opportunities are limited for others to replicate this growth and move into a top three dominated by Nan Shan Cathay Life and Fubon Life.
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Non-life insurance particularly in comparison to the life sector is underdeveloped with per capita premiums of USD690. Furthermore if we exclude health insurance as the Taiwanese authorities do the non-life sector writes premiums of only USD3.7bn a year of which over half are in motor insurance. Health insurance however is a strong market with premiums set to pass USD10bn in 2014 and showing persistent growth. Personal accident insurance is also a promising line thanks in part to its ties to health insurance and will grow by around 10% per annum to 2018. The same three companies Cathay Fubon and Nan Shan lead the market for non-life insurance through their health insurance offerings and Cathay and Fubon's sister companies lead the rest of the non-life market.
Recent Developments
* Some regulatory restrictions to investment have been loosened allowing Taiwan's life...
The Taiwan Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments key growth drivers and risk management projections including the macroeconomic situation government policy regulatory environment and the level of development and potential for growth broken down by line. Leading insurers are profiled covering premiums products and services and competitive positioning.
BMI's Taiwan Insurance Report provides professionals consultancies government departments regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Taiwanese insurance industry.
Key Benefits
* Benchmark BMI's independent insurance industry forecasts for Taiwan to test other views - a key input for successful budgeting and strategic business planning in Taiwan's insurance market.
* Target business opportunities and risks in Taiwan through our reviews of latest industry trends regulatory changes and major deals investments and macroeconomic developments.
* Exploit latest competitive intelligence on your competitors partners and clients via our Company Profiles (inc. SWOTs KPIs and latest activity).
Coverage
BMI Industry View
Summary of BMI's key industry forecasts and views covering the Life and Non-Life segments the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the insurance sector and within the broader political economic and business environment.
Regional Outlook
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
Premiums: Total (US$mn) growth (% y-o-y) penetration (% of GDP) density (US$ per capita) for Life and Non-Life sectors and total premiums.
Life: Data on gross written premiums for all major non-life segments (e.g. motor fire work).
Non-life: Data on gross written premiums for all major life segments (e.g. life retirement).
Economic: Nominal GDP (US$bn) real GDP growth (%) GDP per capita (US$) population (mn) unemployment (%) exchange rate (against US$).
Competitive Landscape & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.
Company Profiles
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
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