Key Figures
Taiwan Insurance Market
Non-Life Insurance
Life Insurance

The Life Insurance Market

The total premium income of the life insurance market in Taiwan for 2010 was NT$2,312,850 million, an increase of 15.26% over the previous year. Of the total, life insurance accounted for 64.68% of the market share while personal accident insurance accounted for 2.43%, health insurance for 10.10%, and annuity insurance for 22.79%. Individual insurance accounted for 99.13% of the life insurance market while group insurance accounted for just 0.87%. The following table illustrates this data.

Premium Income of Life Insurance

NT$ millions
Line

2010

2009

Premium Income

Growth Rate %

Share %

Premium Income

Growth Rate %

Share %

Life

1,495,849

14.57

64.68

1,305,573

(2.23)

65.07

Personal Accident

56,151

(1.31)

2.43

56,894

(2.08)

2.83

Health

233,786

6.48

10.10

219,556

11.26

10.94

Annuity

527,064

24.15

22.79

424,536

29.43

21.16

Total

2,312,850

15.26

100.00

2,006,559

4.57

100.00

Source: Taiwan Insurance Institute

As a result of economic recovery and a rebound in investments, the domestic life insurance market grew by 14.57% in 2010. Taiwanese people have a high savings rate and tend to choose endowment insurance.

Personal accident insurance premiums declined by 1.31% in 2010, owing to competition that resulted from non-life insurers entering the market.

Reflecting Taiwan’s increasingly ageing population and associated demand for medical and nursing services for the elderly, the health insurance grew by 6.48% in 2010. In addition, non-life insurance companies and Chunghwa Post have expanded their health insurance business since 2008.

Taiwan’s graying population has also driven growth of annuity insurance, and an ever-wider range of products is appearing in the market. Short-term variable annuities have become one of the most popular products. In 2010, the annuity insurance market reached NT$527,064 million, a spectacular growth of 24.15% over 2009.

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