Taiwan Motor Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Taiwan Motor Insurance Market Analysis
The insurance industry has not escaped its COVID impact, but insurers have responded quickly to the crisis. As the broader economy recovers and responds to the pandemic, insurers will face several challenges but also see many new opportunities in the medium to long term.
Motor insurance, which accounts for 53.7% share in terms of GWP, grew by 7.0% in 2020 in Taiwan. An increase in premium prices and strong growth in vehicle sales helped its growth. However, the short-term outlook for motor insurance remains negative due to the Taiwan shortage of semiconductors.
Taiwan Motor Insurance Market Trends
This section covers the major market trends shaping the Taiwan Motor Insurance Market according to our research experts:
Taiwan’s Insurance penetration is highest in the world
In 2021, Taiwan had 17.4% of life and non-life insurance penetration in selected countries worldwide. The market share of the top 20 countries also rose slightly to 90.7 percent in 2021 from 90.5 percent in 2020. Among the top 20 countries of the world, six Asian countries (China, Japan, South, Korea, Taiwan, India, and Hong Kong) have a market share of about 25 percent.
It is expected that emerging markets shall continue to outpace advanced markets and Asia to outperform other regions, with the ongoing shift in economic power from west to east reflected in the source of global premium growth.
Insurance density has potential to increase
Insurance density can increase in the coming year due to the economy's recovery and an increase in GDP (Gross domestic product) per capita income. The insurance industry will grow in the coming years. Government initiatives to boost the insurance industry by implementing new regulations and economic policies may boost consumer spending.
The demand for insurance in Taiwan is still primarily driven by government legislation and the consumer penetration strategies of major insurance players. Recently, the digital platforms through which products and services are provided are on the rise.
We see many more motor insurance policies sold online. Digital platforms, when adequately designed and when taking into account the target market's needs, are certainly beneficial; they allow insurers to easily access large pools of new customers whose demands and needs are aligned with the relevant product offer. They can also lower the costs of distribution.
Taiwan Motor Insurance Industry Overview
The report covers the major players operating in Taiwan's Motor Insurance Market. The market is consolidated, and the market is expected to grow during the forecast period due to the increase in automobile premiums and many other factors driving the market.
Taiwan Motor Insurance Market Leaders
Fubon Life insurance co. Ltd
Cathay Century Insurance Co., Ltd.
Shin kong insurance
Msig Mingtai insurance co. ltd
Tokio Marine Newa Insurance Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Taiwan Motor Insurance Market News
March 2022: China Life Insurance Co. and Tokio Marine Newa Insurance Co. formed a partnership to promote and expand their insurance product offerings and market. The sales agents can then sell China Life's life insurance policies and Tokio Marine's property insurance policies, including car, fire, and travel insurance.
Feb 2021: MSI and Carro Launch motor UBI product across Southeast Asia based on greater than's AI-technology. Carro is an automotive marketplace that offers a full-stack service for all aspects of car ownership. Mitsui Sumitomo Insurance Co., Ltd. (" MSI"), and a member of the MS&AD Insurance Group.
Taiwan Motor Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Key Market Insights
4.5.1 Impact of Government Regulations and Initiatives on the Insurance Industry
4.6 PESTLE Analysis
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Coverage
5.1.1 Third-party Liability
5.1.2 Voluntary
5.2 By Distribution Channel
5.2.1 Agents
5.2.2 Brokers
5.2.3 Solicitors
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Fubon Life insurance co. Ltd
6.2.2 Cathay Century Insurance Co., Ltd.
6.2.3 Shin kong insurance
6.2.4 Msig Mingtai insurance co. ltd
6.2.5 Tokio Marine Newa Insurance Co., Ltd.
6.2.6 Union Insurance
6.2.7 South China Insurance
6.2.8 Taian Insurance
6.2.9 Chung kuo insurance
6.2.10 The First Insurance Co., Ltd.*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Taiwan Motor Insurance Industry Segmentation
This report aims to provide a detailed analysis of the Taiwan Motor Insurance Market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Taiwan Motor Insurance Market. Taiwan Motor Insurance Market.
The market is segmented by Insurance type (third-party liability and voluntary) and by distribution channel (brokers, agents, and solicitors).
| By Insurance Coverage | |
| Third-party Liability | |
| Voluntary |
| By Distribution Channel | |
| Agents | |
| Brokers | |
| Solicitors |
Taiwan Motor Insurance Market Research FAQs
What is the current Taiwan Motor Insurance Market size?
The Taiwan Motor Insurance Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Taiwan Motor Insurance Market?
Fubon Life insurance co. Ltd, Cathay Century Insurance Co., Ltd., Shin kong insurance, Msig Mingtai insurance co. ltd and Tokio Marine Newa Insurance Co., Ltd. are the major companies operating in the Taiwan Motor Insurance Market.
What years does this Taiwan Motor Insurance Market cover?
The report covers the Taiwan Motor Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Taiwan Motor Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Taiwan Motor Insurance Industry Report
Statistics for the 2024 Taiwan Motor Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Taiwan Motor Insurance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
