Taiwan Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Taiwan Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• The Taiwan Motor Insurance Market is estimated to grow at a CAGR of approximately 3% during the forecast period.
• The direct written premium income of Taiwan's non-life insurance industry revealed a continuous growth in 2019 and reached TWD 177,130 million compared to previous year TWD 165,611 million. The total premium income generated by motor insurance in 2019 reached TWD 94,654 million compared to previous year TWD 89,534 million, the increase of automobile insurance written premium in 2018 was mainly due to both the growth of valuable imported car sales and the rise of premium rate of third party liability insurance by some insurers. The direct written premium from voluntary automobile insurance was TWD 71,758 million in 2018, showing an increase of 4.98%. The direct written premium of compulsory automobile liability insurance in 2018 was TWD 17,776 million, which slightly increased by 1.03% compared to TWD 17,595 million in the previous year. In regard to the market portfolio in 2018 by classes of the non-life insurance business, motor insurance still accounted a major share of 54.06% of total premium income. The average loss ratio in respect of various classes in 2018 for motor insurance (including compulsory liability insurance) was 58.85%.

Key Market TrendsTaiwan’s Insurance penetration is highest in the world:

Insurance penetration in Taiwan reached 20.88% in 2018. Insurance penetration is used as a measure of the growth of the insurance sector within a country, as a result, the amount of insurance premiums in Taiwan in 2018 was more than one-fifth of the GDP (Gross domestic product) of the country. The high rate of insurance penetration in Taiwan has led to the Financial Supervisory Commission (FSC) in the area urging the public to ensure that their insurance coverage suits their needs. Over the past decade, Taiwan's number of property and casualty firms has remained steady, while the life insurance industry has seen more fluctuation, the country's population has slowly grown, ensuring the number of potential insurance customers has also increased.

Increase in Premium:

The total premium written in 2018 was TWD 89,534 million, showing a growth of 4.17% compared to TWD 85,951 million in 2017. The increase of automobile insurance written premium in 2018 was mainly due to both the growth of valuable imported car sales and the raise of premium rate of third-party liability insurance by some insurers. The direct written premium from voluntary automobile insurance was TWD 71,758 million in 2018, showing an increase of 4.98%. The direct written premium of compulsory automobile liability insurance in 2018 was TWD 17,776 million, which slightly increased by 1.03% compared to TWD 17,595 million in the previous year.

Competitive Landscape

The report covers the major players operating in the Taiwan Motor Insurance Market. The market is consolidated, the market is expected to grow during the forecast period due to the increase in premiums of the automobile and many other factors are driving the factors driving the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Medtronic PLC
BAUSCH & LOMB INCORPORATED
Olympus Corporation
New Med Instruments
medelecsurgical

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