| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 4.64 Billion |
| Market Size (2030) | USD 6.60 Billion |
| CAGR (2025 - 2030) | 7.32 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Taiwan Motor Insurance Market Analysis
The Taiwan Motor Insurance Market size in terms of premium value is expected to grow from USD 4.64 billion in 2025 to USD 6.60 billion by 2030, at a CAGR of 7.32% during the forecast period (2025-2030).
In Taiwan, consumers are increasingly gravitating toward comprehensive motor insurance plans. These plans not only cover liabilities and collisions but also extend to theft and natural disasters. A significant trend in Taiwan is the growing allure of usage-based insurance (UBI). With UBI, premiums are determined by driving habits, mileage, and location. In a bid to enhance customer service and reduce distribution costs, Taiwanese insurers are channeling substantial investments into digital platforms and online sales.
The motor insurance landscape in Taiwan is marked by fierce competition. This competitive nature drives insurers to adjust their pricing and offerings frequently. Recent government mandates, such as compulsory third-party liability coverage and initiatives to bolster road safety, underscore the evolving landscape. In response, insurers are not only prioritizing innovative product development but are also forging strategic partnerships. These moves aim to align with changing consumer demands and adhere to evolving regulations. The market is seeing a surge in collaborations with technology firms. These partnerships focus on harnessing data analytics and telematics, paving the way for enhanced risk assessment and tailored insurance solutions.
Taiwan Motor Insurance Market Trends
Rise in Sales of Automobiles Fueling the Market
Over the last decade, Taiwan's economy has consistently grown, translating into higher incomes and greater consumer purchasing power. Consequently, the country has witnessed a surge in private vehicle ownership, with individuals and households embracing car ownership. In Taiwan, every vehicle owner must procure third-party liability insurance, safeguarding against damages or injuries inflicted on others in accidents. With the expanding vehicle populace, the market has seen a proportional uptick in motor insurance policy sales. Concurrently, as ownership rates climb, Taiwanese consumers increasingly value the need for comprehensive motor insurance. Policies covering third-party liabilities and collision, theft, and natural disasters are now favored, reflecting a growing trend among drivers to shield their assets and hedge against financial risks.
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Rise in Commercial Motor Insurance in Taiwan Driving the Market
The demand for commercial motor insurance is increasing in Taiwan due to several factors. A primary driver is the growing number of commercial vehicles on the roads, boosting the demand for insurance to safeguard both the vehicles and their operators. Furthermore, shifts in regulations or laws concerning insurance mandates for commercial vehicles may also play a role in this uptick. Insurance firms are recalibrating their premiums, considering accident frequency, vehicle repair costs, and other market risk factors. Staying abreast of these trends for businesses operating commercial vehicles is crucial to ensure they maintain sufficient insurance coverage, thereby safeguarding their assets and operations.
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Taiwan Motor Insurance Industry Overview
The motor insurance market in Taiwan is semi-consolidated, primarily led by major players such as Chung Kuo Insurance Company Ltd, Taiwan Fire & Marine Insurance Company Ltd, Hotai Insurance, Shinkong Insurance Co. Ltd, and Taian Insurance. However, as technology evolves and products are innovated upon, smaller insurers are carving out their space, clinching fresh contracts, and venturing into untapped markets.
Taiwan Motor Insurance Market Leaders
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Chung Kuo Insurance Company Ltd
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Taiwan Fire & Marine Insurance Company Ltd
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Hotai Insurance
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Shinkong Insurance Co., Ltd.
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Taian Insurance
- *Disclaimer: Major Players sorted in no particular order
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Taiwan Motor Insurance Market News
- June 2024: China's premier auto insurance technology platform, Cheche Group Inc., solidified a strategic partnership with NIO Insurance Broker Co. Ltd, a subsidiary of NIO INC. This move underscored Cheche's commitment to bolstering ties with manufacturers in the new energy vehicle (NEV) industry.
- June 2023: Tokio Marine Insurance Group (Asia), a prominent player in the Southeast Asian insurance market, teamed up with Akur8 to bolster its Asian presence, hot on the heels of launching its Tokyo office.
Taiwan Motor Insurance Industry Segmentation
Motor insurance is a form of insurance that provides financial protection for the owner of a vehicle, such as a car, truck, motorcycle, or other road vehicle. The report delves into a comprehensive analysis of the Taiwanese motor insurance market, encompassing a market overview, detailed estimations of segment sizes, emerging trends, market dynamics, and profiles of key companies. The Taiwanese motor insurance market is segmented by types of insurance, applications, and distribution channels. By types of insurance, the market is segmented into own damage and third-party liability. By application, the market is segmented into commercial motor insurance and private motor insurance. By distribution channel, the market is segmented into individual agents, brokers, banks, online platforms, and other distribution channels. The report offers market sizes and forecasts for the Taiwanese motor insurance market in value (USD) for all the above segments.
| By Insurance Type | Third-party Liability |
| Own Damage | |
| By Application | Commercial Motor Insurance |
| Private Motor Insurance | |
| By Distribution Channel | Individual Agents |
| Brokers | |
| Banks | |
| Online Platforms | |
| Other Distribution Channels |
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Taiwan Motor Insurance Market Research FAQs
How big is the Taiwan Motor Insurance Market?
The Taiwan Motor Insurance Market size is expected to reach USD 4.64 billion in 2025 and grow at a CAGR of 7.32% to reach USD 6.60 billion by 2030.
What is the current Taiwan Motor Insurance Market size?
In 2025, the Taiwan Motor Insurance Market size is expected to reach USD 4.64 billion.
Who are the key players in Taiwan Motor Insurance Market?
Chung Kuo Insurance Company Ltd, Taiwan Fire & Marine Insurance Company Ltd, Hotai Insurance, Shinkong Insurance Co., Ltd. and Taian Insurance are the major companies operating in the Taiwan Motor Insurance Market.
What years does this Taiwan Motor Insurance Market cover, and what was the market size in 2024?
In 2024, the Taiwan Motor Insurance Market size was estimated at USD 4.30 billion. The report covers the Taiwan Motor Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Taiwan Motor Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Taiwan Motor Insurance Industry Report
Statistics for the 2025 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 for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
