Taiwan Insurance Market Driven by Bancassurance: Ken research

ROHINI, India - April 25, 2013 - PRLog -- New Delhi: 17/04/2013- 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 14.6% but there is a huge difference between the penetration rate of life insurance and non life insurance. The penetration rate of life insurance market is 13.8% in comparison to 0.8% of the general insurance industry in 2011.

The Taiwanese insurance industry has undergone major changes in the past few years and the market is now dominated by the participation of domestic players. The country insurers are growing their footprint in the overseas market such as China and Vietnam where the insurance player has started making an investment in the infrastructure.

The insurance market in Taiwan can be classified on the basis of life and non-life insurance. The life insurance is a contract between life insurer and the policyholder in which an insurer is bound to pay a defined sum of money upon the death of the insured person within a certain specified time period or on the maturity of life insurance policy. The non life insurance is also known as general insurance is used to provide coverage for business and individual from the financial loss resulting from certain events such as natural disaster, accident, fire, burglary, diseases and others.

According to the research report “Taiwan insurance market future outlook to 2016” by Ken Research, analysis the market is expected to grow at a CAGR of 8.7% in the next four years. The growth will be prompted by the rising ageing population of the country which will enhance the sales of annuity insurance in the country.

“Rising sales of automobile in Taiwan with the surging personal disposable, increasing demand of annuity and health insurance with ageing population and the inclining role of bancassurance are expected to drive Taiwan insurance market positively from 2013-2016.” According to the Research Analyst, Ken Research

The report 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.