Life Insurance in Taiwan, Key Trends and Opportunities to 2019

Life Insurance in Taiwan, Key Trends and Opportunities to 2019

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Published on Oct 29, 2015 - 176 pages

Timetric's 'Life Insurance in Taiwan, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Taiwanese life insurance segment, including:
  • The Taiwanese life insurance segment's growth prospects by life insurance category
  • Key trends, drivers and challenges for the life insurance segment
  • A comprehensive overview of the Taiwanese economy and demographics
  • The various distribution channels in the Taiwanese life insurance segment
  • Details of the competitive landscape in the life insurance segment in Taiwan
  • Details of regulatory policy applicable to the Taiwanese insurance industry
Report Highlights
  • Taiwan's insurance segment occupied first place globally in terms of penetration rate in 2014. The segment's penetration rate stood at 14.9% of the GDP in 2014.
  • Better returns on savings related insurance products compared to bank deposit rates was the major factor behind high penetration rate of life segment.
  • Long-term products are preferred by the Taiwanese customers as they provide better financial assistance in later stages of life.
  • The Taiwanese life segment is dominated by domestic insurers. According to the Taiwan Insurance Institute (TII), there were 29 life insurance providers in 2014, of which 24 are domestic and five are foreign.
  • Government support for microinsurance products, favorable regulatory changes and steady economic growth are expected to support the life segment over the forecast period.
Report Scope

This report provides a comprehensive analysis of the life insurance segment in Taiwan:
  • It provides historical values for the Taiwanese life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
  • It offers a detailed analysis of the key categories in the Taiwanese life insurance segment, along with market forecasts until 2019.
  • It analyzes the various distribution channels for life insurance products in Taiwan.
  • It profiles the top life insurance companies in Taiwan and outlines the key regulations affecting them.
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast market data related to the Taiwanese life insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Taiwanese life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Taiwanese insurance industry and their impact on companies and the industry's future.


Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Life Insurance
5.5.1 Individual whole life insurance
5.5.2 Individual general annuity insurance
5.6 Group Whole Life Insurance
5.7 Life Insurance Growth Prospects by Product Type
5.7.1 Individual single-premium insurance
5.7.2 Individual non-single-premium insurance
5.7.3 Group single-premium insurance
5.7.4 Group non-single-premium insurance
5.7.5 Total linked insurance business
5.7.6 Total non-linked insurance business
6 Analysis by Distribution Channel
6.1 Direct Marketing
6.2 Bancassurance
6.3 Brokers
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Taiwanese Life Segment
7.2.1 Cathay Life Insurance Company Ltd - company overview
7.2.2 Fubon Life Insurance Co., Ltd - company overview
7.2.3 Nan Shan Life Insurance Company, Ltd - company overview
7.2.4 Shin Kong Life Insurance Co., Ltd - company overview
7.2.5 Chunghwa Post Co., Ltd - company overview
7.2.6 China Life Insurance Co., Ltd - company overview
7.2.7 CTBC Life Insurance Co., Ltd - company overview
7.2.8 Mercuries Life Insurance Co., Ltd - company overview
7.2.9 Allianz Taiwan Life Insurance Co., Ltd - company overview
7.2.10 Cardif Assurance Vie - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Automobile liability insurance
8.4.2 National Health Insurance (NHI)
8.5 Supervision and Control
8.5.1 Insurance Bureau
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables

Table 1: Taiwanese Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Taiwanese Government Credit Ratings
Table 4: Taiwanese Life Insurance - New Business Direct Written Premium (TWD Billion), 2010-2014
Table 5: Taiwanese Life Insurance - New Business Direct Written Premium (TWD Billion), 2014-2019
Table 6: Taiwanese Life Insurance - Net Earned Premium (TWD Billion), 2010-2014
Table 7: Taiwanese Life Insurance - Net Earned Premium (TWD Billion), 2014-2019
Table 8: Taiwanese Life Insurance - Paid Claims (TWD Billion), 2010-2014
Table 9: Taiwanese Life Insurance - Paid Claims (TWD Billion), 2014-2019
Table 10: Taiwanese Life Insurance - Incurred Loss (TWD Billion), 2010-2014


Companies Mentioned:

Cathay Life
Fubon Life
Nan Shan Life
Shin Kong Life
Chunghwa Post
China Life
CTBC Life
Mercuries Life
Allianz Taiwan Life
Cardif