Taiwan Insurance Market Outlook to 2016
Compelling potential in Bancassurance
April 2013
94
About the Report
About the Report
The report titled "Taiwan Insurance Market Outlook to 2016 - Compelling potential in Bancassurance" provides a comprehensive analysis of market size of the Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of Taiwan insurance industry, market segmentation of life and non-life Taiwan insurance market and market size and segmentation of various non life segments. The report also provides value chain of Taiwan insurance market, competitive landscape and profile of major players operating in the Taiwan insurance industry.
Taiwan is the second largest market in the Asia-Pacific region after Japan in terms of highest insurance densities. The country insurance industry has a high penetration rate of ~% but there is huge difference between the penetration rate of life insurance and non life insurance. The penetration rate of life insurance market is ~% in comparison to ~% of general insurance industry in 2011. The key reasons behind the difference in the penetration rate is the decreasing investment by the domestic consumers in automobiles and the occurrence of natural disaster have restricted the growth of the non life insurance business. The country insurance market is growing stably and has registered direct written premium of USD ~ million in 2011.
The life insurance market of Taiwan is one of the largest insurance industries in the Asia-Pacific region with the share of ~% and the direct written premium of USD ~ million in 2012. The industry has been growing mainly on account of increasing awareness among the people, liberalization policies of the government, improving the economy and tendency of wealth accumulation. In addition, the industry has also benefited from the rising demand for life insurance endowment products.
In 2011, Taiwan general insurance industry has experienced a growth of ~% with the direct written premium of USD ~ million in 2011 in comparison to USD ~ million in 2010. The growth in the market is being attributed by the rising direct written premium of the domestic non life insurers in the country on account of the slightly improved economic condition. The domestic general insurers have observed a growth of ~% in 2011 on account of unceasing efforts by employees and the prudent expansion of both domestic and overseas business. The financial crises in the European market and the occurrence of natural catastrophes in 2011 have affected the company's profit.
Taiwan automobile insurance industry is leading market in the general insurance industry with the share of ~% in 2012. The market has experienced a growth of ~% from USD ~8 million in 2010 to USD ~ million in 2011 on account of rising sales of motor vehicles in the country. In 2011, Taiwan has witness a growth of ~% in the number of vehicles in use from ~ million in 2010 to ~ million in 2011.
The property and casualty insurance business of Taiwan has experienced a growth of ~% from direct written premium of USD ~ million in 2010 to USD ~ million in 2011 mainly due to the rising requirement of liability insurance and credit insurance from the insured in the market. In 2011, the industry has witnessed net written premium of TWD ~ million.
The fishing vessel insurance in Taiwan has registered a direct written premium of USD ~ million and it holds a share of ~% in the total marine insurance industry in 2011. The fishing vessel insurance covers the fishing vessels from the loss or damage occurred from fire, collision, explosion, earthquake and others. The fishing vessel is a ship or boat which is used to catch fish in the sea
KEY TOPICS COVERED IN THE REPORT
- The market size of Asia-Pacific insurance industry and the contribution of countries.
- The market size of Taiwan insurance industry.
- The market size of Taiwan life and non-life insurance industry.
- Market segmentation of life and non-life insurance markets in Taiwan
- The market size and segmentation of various non-life insurance market
- Trends and Development of Taiwan insurance market.
- Competitive Landscape of the major players in life and non-life insurance market.
- Competitive Landscape of the major player in various non-life insurance market
- Future outlook and projections for Asia-Pacific and Taiwan insurance market
- Future outlook and projections for life and non-life Taiwan insurance market
- Microeconomics and industry factors including Taiwan population, GDP, health expenditure and number of vehicles, 2005-2016
Products
Products
Direct Premiun Written, Life Insurance, Distribution Channels, Banks, Solicitors, Life Insurance by Life and Annuity, Non Life Insurance, Automobile I
Companies
Cathay Life, Fubon Life, Nan Shan Life, Chunghwa Post, Shin Kong Life, China Life, MassMutual Mercuries, Tokio Marine Newa, Cathay Century, MSIG Mingtai Insurance, ShinKong Insurance, Taian, Union, The First, Chung Kuo, Chartis, ACE, South China
Table of Contents
Table of Contents
1. Asia-Pacific Insurance Industry
1.1. Industry Introduction
1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P
1.3. Asia-Pacific Insurance Market Segmentation
1.3.1. By Geography, 2005-2012P
1.3.2. By Life and Non Life, 2005-2012P
2. Taiwan Insurance Industry
2.1. Taiwan Insurance Value Chain
2.2. Taiwan Insurance Market Size by Direct Written Premium, 2005-2012P
3. Taiwan Insurance Government Regulations
4. Taiwan Life Insurance Market
4.1. Taiwan Life Insurance Market Size, 2005-2012P
4.2. Life Insurance Segmentation, 2005-2012P
4.3. Market Share of Major Life Insurers in Taiwan, 2011
4.4. Taiwan Life Insurance Distribution Channel, 2009-2011
4.5. Taiwan Life Insurance Market Future Outlook and Projection, 2013-2016
5. Taiwan Non-Life Insurance Market
5.1. Taiwan Non-Life Insurance Market Size, 2005-2012P
5.2. Market Share of Major Non Life Insurers in Taiwan, 2011
5.3. Taiwan Non-Life Insurance Market Future Outlook and Projection, 2013-2016
6. Non-Life Insurance Segmentation, 2005-2012P
6.1. Taiwan Automobile Insurance Industry
6.1.1. Taiwan Automobile Insurance Market Size, 2005-2012P
6.1.2. Automobile Insurance Segmentation, 2005-2012P
6.1.3. Market Share of Major Automobile Insurers in Taiwan, 2011
6.1.4. Taiwan Automobile insurance Market Future Outlook and Projection, 2013-2016
6.2. Taiwan Property and Casualty Insurance Industry
6.2.1. Taiwan Property and Casulaty Insurance Market Size, 2005-2012P
6.2.2. Property and Casualty Insurance Segmentation, 2005-2012P
6.2.3. Market Share of Major Property and Casulaty Insurers in Taiwan, 2011
6.2.4. Taiwan Property and Casualty insurance Market Future Outlook and Projection, 2013-2016
6.3. Taiwan Fire Insurance Industry
6.3.1. Taiwan Fire Insurance Market Size, 2005-2012P
6.3.2. Taiwan Fire Insurance Market Future Outlook and Projection, 2013-2016
6.4. Taiwan Marine Insurance Industry
6.4.1. Taiwan Marine Insurance Market Size, 2005-2012P
6.4.2. Marine Insurance Segmentation, 2005-2012P
6.4.3. Taiwan Marine insurance Market Future Outlook and Projection, 2013-2016
6.5. Taiwan Aviation Insurance Industry
6.5.1. Taiwan Aviation Insurance Market Size, 2005-2012P
6.5.2. Taiwan Aviation Insurance Market Future Outlook and Projection, 2013-2016
7. Taiwan Insurance Industry Trends and Developments
Emergence of New Distribution Channel
Rising Merger, Acquisitions and Joint Venture
Rising Affluent Middle Class
Increasing Cyber Risk Insurance Need
8. Asia-Pacific Insurance Industry Future Outlook
8.1. Asia-Pacific Insurance Industry Future Projections
8.1.1. By Geography, 2013-2016
9. Taiwan Insurance Industry Future Projections, 2013-2016
9.1. Cause and Effect Relationship Between Dependent and Independent Factors Prevailing in Taiwan Insurance Market
10. Company Profile of Major Players in Taiwan Life Insurance Industry
10.1. Cathay Life
10.1.1. Company Profile
10.1.2. Business Strategies
10.1.3. Financial Performance
10.2. Fubon Life
10.2.1. Company Profile
10.2.2. Business Strategies
10.2.3. Financial Performance
10.3. Nan Shan Life
10.3.1. Company Profile
10.3.2. Business Strategies
10.3.3. Financial Performance
11. Company Profile of Major Players in Taiwan Non-Life Insurance Industry
11.1. Shinkong Insurance
11.1.1. Company Profile
11.1.2. Business Strategies
11.1.3. Financial Performance
11.2. MSIG Mingtai Insurance
11.2.1. Company Profile
11.2.2. Business Strategies
11.2.3. Financial Performance
12. Taiwan Insurance Industry Macro-Economic Indicators: Historical and Projections
12.1. Taiwan Population, 2005-2016
12.2. GDP of Taiwan, 2005-2016
12.3. Healthcare Expenditure of Taiwan, 2005-2016
12.4. Total number of Vehicle in Use in Taiwan, 2005-2016
13. Appendix
13.1. Market Definitions
13.2. Abbreviations
13.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
13.4. Disclaimer
List of Figure
Figure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 3: Insurance Value Chain
Figure 4: Taiwan Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 5: Taiwan Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 6: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 7: Market Share of Major Life Insurers on the Basis of Direct Written Premium in Percentage, 2011
Figure 8: Taiwan Life Insurance Distribution Channel by Banks, Solicitors and Others on the Basis of Direct Written Premium in Percentage, 2009-2011
Figure 9: Taiwan Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 10: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium in Percentage, 2011
Figure 11: Taiwan Non life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Figure 12: Taiwan Non life Insurance Market Segmentation by Health, Accident, Automobile, Fire, Marine, Aviation and Property and Casualty on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 13: Taiwan Automobile Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 14: Taiwan Automobile Insurance Market Segmentation by Voluntary and Compulsory Motor Liability Insurance on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 15: Market Share of Major Automobile Insurers on the Basis of Direct Written Premium in Percentage, 2011
Figure 16: Taiwan Property and Casualty Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 17: Taiwan Property and Casualty Insurance Market Segmentation by Accident, Liability, Engineering, Credit, Health and Others on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 18: Market Share of Major Property and Casualty Insurers on the Basis of Direct Written Premium in Percentage, 2011
Figure 19: Taiwan Fire Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 20: Taiwan Fire Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Figure 21: Taiwan Marine Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 22: Taiwan Marine Insurance Market Segmentation by Marine Cargo, Marine Hull and Fishing Vessel on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 23: Taiwan Aviation Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 24: Taiwan Aviation Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Figure 25: Taiwan Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Figure 26: Taiwan Life Insurance Premium Income of Cathay Life Insurance in USD Million, 2005-2011
Figure 27: Taiwan Life Insurance Premium Income of Fubon Life Insurance in USD Million, 2005-2011
Figure 28: Taiwan Life Insurance Premium Income of Nan Shan Life Insurance in USD Million, 2005-2011
Figure 29: Taiwan Non-Life Insurance Direct Written Premium of Shinkong Insurance in USD Million, 2005-2011
Figure 30: Taiwan Non-Life Insurance Direct Written Premium of MSIG Mingtai Insurance in USD Million, 2005-2011
Figure 31: Taiwan Population in Million, 2005-2016
Figure 32: GDP of Taiwan in USD Million, 2005-2016
Figure 33: Healthcare Expenditure of Taiwan in USD Million, 2005-2016
Figure 34: Total Number of Vehicle in Use in Taiwan in Million, 2005-2016
List of Table
Table 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Table 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Table 3: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis of Direct Written Premium in USD Million, 2005-2011
Table 4: Market Share of Major Life Insurers on the Basis of Direct Written Premium in USD Million, 2011
Table 5: Taiwan Life Insurance Distribution Channel by Banks, Solicitors and Others on the Basis of Direct Written Premium in USD Million, 2009-2011
Table 6: Taiwan Life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 7: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium in USD Million, 2011
Table 8: Taiwan Automobile Insurance Market Segmentation by Voluntary and Compulsory Motor Liability Insurance on the Basis of Direct Written Premium in USD Million, 2005-2012P
Table 9: Market Share of Major Automobile Insurers on the Basis of Direct Written Premium in USD Million, 2011
Table 10: Taiwan Automobile Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 11: Taiwan Property and Casualty Insurance Market Segmentation by Accident, Liability, Engineering, Credit, Health and Others on the Basis of Direct Written Premium in USD Million, 2005-2012P
Table 12: Market Share of Major Property and Casualty Insurers on the Basis of Direct Written Premium in USD Million, 2011
Table 13: Taiwan Property and Casualty Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 14: Taiwan Marine Insurance Market Segmentation by Marine Cargo, Marine Hull and Fishing Vessel on the Basis of Direct Written Premium in USD Million, 2005-2012P
Table 15: Taiwan Marine Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 16: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 17: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of Taiwan Insurance Market
Table 18: Correlation Matrix of Taiwan Insurance Industry
Table 19: Regression Coefficients Output of Taiwan Insurance Industry
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