Life Insurance in Taiwan, Key Trends and Opportunities to 2017

Published: Jan, 2014 | Pages: 213 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The 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 categories 
Key trends and drivers for the life insurance segment 
The various distribution channels in the Taiwanese life insurance segment
An overview of the competitive landscape in the life insurance segment in Taiwan
An overview of the regulatory framework of the Taiwanese insurance industry
A description of the life reinsurance segment in Taiwan
Porter's five forces analysis of the life insurance segment
A benchmarking section on the Taiwanese life insurance segment in comparison to other countries in the South-East Asian region 

Summary
The Taiwanese life insurance segment grew at a compound annual growth rate (CAGR) of 6.6% in terms of gross written premium during the review period (2008-2012), as a result of the strong performance of the individual life category, which grew at a healthy CAGR of 9.7%. However, the segment's growth slowed due to a decline in general annuity insurance and low interest rates in the country. Fierce competition in the segment, which forced multinationals to exit Taiwan, and the current low interest rates are projected to affect the life segment's total growth over the forecast period. As a result, the segment is expected to post a lower CAGR of 3.7% over the forecast period (2012-2017). 
Scope
This report provides a comprehensive analysis of the life insurance segment in Taiwan:
It provides historical values for Taiwanese life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period 
It offers a detailed analysis of the key categories in the Taiwanese life insurance segment, along with market forecasts until 2017
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
It analyses the various distribution channels for life insurance products in Taiwan
Using Porter's industry-standard "five forces" analysis, it details the competitive landscape in Taiwan for the life insurance business
It provides a detailed analysis of the reinsurance segment in Taiwan and its growth prospects
It profiles the top life insurance companies in Taiwan and outlines the key regulations affecting them 
Reason To Buy
 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 within the Taiwanese life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Taiwanese insurance industry and its impact on companies and the market's future 
Key Highlights
 The Taiwanese life insurance segment grew at a CAGR of 6.6% in terms of gross written premium during the review period
During the review period, life insurance providers in Taiwan benefited from low combined ratios, resulting in underwriting profits
Favorable demographic factors, such as increased life expectancy and a rise in the population aged 65 years and above, are likely to accelerate demand for life insurance products
The strong social credibility and familiarity of Taiwanese banks as financial institutions aided the selling of annuities and unit-linked products during the review period
The five leading companies collectively accounted for 68.5% of the segment's gross written premium in 2012

 1 Executive Summary
2 Introduction
2.1 What is This Report About?
2.2 Definitions
2.3 Methodology
3 Life Insurance - Regiol Benchmarking
3.1 Scale and Penetration
3.1.1 Total segment gross written premium
3.1.2 Premium per capita
3.1.3 Life insurance penetration as a percentage of GDP
3.2 Growth
3.2.1 Gross written premium
3.2.2 Gross written premium per capita
3.3 Efficiency and Risk
3.3.1 Loss ratio
3.3.2 Combined ratio
3.3.3 Incurred losses per capita
3.3.4 Incurred losses as a percentage of GDP
4 Taiwanese Insurance Industry Attractiveness
4.1 Insurance Industry Size, 2008-2017
4.2 Key Industry Trends and Drivers
5 Life Insurance Outlook
5.1 Life Insurance Growth Prospects by Category
5.1.1 Individual life insurance
5.1.2 Individual general annuity insurance
5.1.3 Group life insurance
5.2 Life Insurance Growth Prospects by Product Type
5.2.1 Individual single-premium policies
5.2.2 Individual non-single-premium policies
5.2.3 Group single-premium policies
5.2.4 Group non-single-premium policies
6 Alysis by Distribution Channel
6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 E-commerce
6.5 Brokers
7 Porter's Five Forces Alysis - Taiwanese Life Insurance
7.1 Bargaining Power of Supplier: Low to Medium
7.2 Bargaining Power of Buyer: Medium to High
7.3 Barriers to Entry: Medium
7.4 Intensity of Rivalry: High
7.5 Threat of Substitutes: Low
8 Reinsurance Growth Dymics and Challenges
8.1 Reinsurance Segment Size, 2008-2017
8.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
9 Governce, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Legislation Trends by Type of Insurance
9.2.1 Life insurance regulatory trends
9.2.2 Property insurance regulatory trends
9.2.3 Motor insurance regulatory trends
9.2.4 Liability insurance regulatory trends
9.2.5 Marine, aviation, and transit insurance regulatory trends
9.2.6 Persol accident insurance regulatory trends
9.2.7 Health insurance regulatory trends
9.3 Compulsory Insurance
9.3.1 Automobile liability insurance policy
9.4 Supervision and Control
9.4.1 Intertiol Association of Insurance Supervisors (IAIS)
9.4.2 Insurance Bureau
9.5 Non-Admitted Insurance Regulatory Trends
9.5.1 Overview
9.5.2 Intermediaries
9.5.3 Market practices
9.5.4 Fines and pelties
9.6 Company Registration and Operations
9.6.1 Types of insurance organization
9.6.2 Establishing a local company
9.6.3 Foreign ownership
9.6.4 Types of license
9.6.5 Capital requirements
9.6.6 Solvency margins
9.6.7 Reserve requirements
9.6.8 Investment regulations
9.6.9 Statutory return requirements
9.7 Taxation
9.7.1 Insurance premium or policy taxation
9.7.2 Corporate tax
9.7.3 VAT
9.7.4 Captives
9.8 Legal System
9.8.1 Introduction
9.8.2 Access to court
9.8.3 Altertive dispute resolution (ADR)
10 Competitive Landscape and Strategic Insights
10.1 Overview
10.2 Leading Companies in the Taiwanese Life Insurance Segment
10.3 Comparison of the Top Five Insurers
10.3.1 Gross claims
10.3.2 Loss ratio
10.3.3 Total assets
10.4 Cathay Life Insurance Co., Ltd - Company Overview
10.4.1 Cathay Life Insurance Co., Ltd - key facts
10.4.2 Cathay Life Insurance Co., Ltd - key fincials
10.5 Fubon Life Insurance Co., Ltd - Company Overview
10.5.1 Fubon Life Insurance Co., Ltd - key facts
10.5.2 Fubon Life Insurance Co., Ltd - key fincials
10.6 n Shan Life Insurance Company, Ltd - Company Overview
10.6.1 n Shan Life Insurance Company, Ltd - key facts
10.6.2 n Shan Life Insurance Company, Ltd - key fincials
10.7 Chunghwa Post Co., Ltd - Company Overview
10.7.1 Chunghwa Post Co., Ltd - key facts
10.7.2 Chunghwa Post Co., Ltd - key fincials
10.8 Shin Kong Life Insurance Co., Ltd - Company Overview
10.8.1 Shin Kong Life Insurance Co., Ltd - key facts
10.8.2 Shin Kong Life Insurance Co., Ltd - key fincials
10.9 Chi Life Insurance Co., Ltd - Company Overview
10.9.1 Chi Life Insurance Co., Ltd - key facts
10.9.2 Chi Life Insurance Co., Ltd - key fincials
10.1 Mercuries Life Insurance Co., Ltd - Company Overview
10.10.1 Mercuries Life Insurance Co., Ltd - key facts
10.10.2 Mercuries Life Insurance Co., Ltd - key fincials
10.11 Taiwan Life Insurance Co Ltd - Company Overview
10.11.1 Taiwan Life Insurance Co Ltd - key facts
10.11.2 Taiwan Life Insurance Co Ltd - key fincials
10.12 Bank Taiwan Life Insurance Co., Ltd - Company Overview
10.12.1 Bank Taiwan Life Insurance Co., Ltd - key facts
10.12.2 Bank Taiwan Life Insurance Co., Ltd - key fincials
10.13 Allianz Taiwan Life Insurance Co. Ltd - Company Overview
10.13.1 Allianz Taiwan Life Insurance Co. Ltd - key facts
10.13.2 Allianz Taiwan Life Insurance Co. Ltd - key fincials
11 Business Environment and Country Risk
11.1 Business Confidence
11.1.1 Market capitalization trend - Taiwan Stock Exchange Corp. (TWSE)
11.2 Economic Performance
11.2.1 GDP at constant prices (US$)
11.2.2 GDP per capita at constant prices (US$)
11.2.3 GDP at current prices (US$)
11.2.4 GDP per capita at current prices (US$)
11.2.5 GDP by key segments
11.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
11.2.7 Agriculture, hunting, forestry and fishing net output at current prices, as a percentage of GDP
11.2.8 Manufacturing net output at current prices (US$)
11.2.9 Manufacturing net output at current prices as a percentage of GDP
11.2.10 Mining, manufacturing and utilities at current prices (US$)
11.2.11 Mining, manufacturing and utilities at current prices as a percentage of GDP
11.2.12 Construction net output at current prices (US$)
11.2.13 Construction net output at current prices as a percentage of GDP
11.2.14 Inflation rate
11.2.15 Exports as a percentage of GDP
11.2.16 Imports as a percentage of GDP
11.2.17 Exports growth
11.2.18 Imports growth
11.2.19 Annual average exchange rate US$-TWN
11.3 Labor Force
11.3.1 Labor force
11.3.2 Unemployment rate
11.4 Demographics
11.4.1 Household consumption expenditure (US$)
11.4.2 Total population
11.4.3 Age distribution of the total population
12 Appendix
12.1 Methodology
12.2 Contact Timetric
12.3 About Timetric
12.4 Timetric's Services
12.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Taiwanese Insurance - Overall Written Premium by Segment (TWN Billion), 2008-2012
Table 3: Taiwanese Insurance - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 4: Taiwanese Insurance - Overall Written Premium by Segment (TWN Billion), 2012-2017
Table 5: Taiwanese Insurance - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 6: Taiwanese Insurance - Segmentation (% Share), 2008-2017
Table 7: Taiwanese Life Insurance - Written Premium by Category (TWN Billion), 2008-2012
Table 8: Taiwanese Life Insurance - Written Premium by Category (US$ Billion), 2008-2012
Table 9: Taiwanese Life Insurance - Written Premium by Category (TWN Billion), 2012-2017
Table 10: Taiwanese Life Insurance - Written Premium by Category (US$ Billion), 2012-2017
Table 11: Taiwanese Life Insurance - Earned Premium (TWN Billion), 2008-2012
Table 12: Taiwanese Life Insurance - Earned Premium (TWN Billion), 2012-2017
Table 13: Taiwanese Life Insurance - Sum Assured (TWN Trillion), 2008-2012
Table 14: Taiwanese Life Insurance - Sum Assured (TWN Trillion), 2012-2017
Table 15: Taiwanese Life Insurance - Paid Claims (TWN Billion), 2008-2012
Table 16: Taiwanese Life Insurance - Paid Claims (TWN Billion), 2012-2017
Table 17: Taiwanese Life Insurance - Incurred Loss (TWN Billion), 2008-2012
Table 18: Taiwanese Life Insurance - Incurred Loss (TWN Billion), 2012-2017
Table 19: Taiwanese Life Insurance - Loss Ratio (%), 2008-2012
Table 20: Taiwanese Life Insurance - Loss Ratio (%), 2012-2017
Table 21: Taiwanese Life Insurance - Commissions and Expenses (TWN Billion), 2008-2012
Table 22: Taiwanese Life Insurance - Commissions and Expenses (TWN Billion), 2012-2017
Table 23: Taiwanese Life Insurance - Combined Ratio (%), 2008-2012
Table 24: Taiwanese Life Insurance - Combined Ratio (%), 2012-2017
Table 25: Taiwanese Life Insurance - Frauds and Crimes (TWN Billion), 2008-2012
Table 26: Taiwanese Life Insurance - Frauds and Crimes (TWN Billion), 2012-2017
Table 27: Taiwanese Life Insurance - Total Assets (TWN Billion), 2008-2012
Table 28: Taiwanese Life Insurance - Total Assets (TWN Billion), 2012-2017
Table 29: Taiwanese Life Insurance - Total Investment Income (TWN Billion), 2008-2012
Table 30: Taiwanese Life Insurance - Total Investment Income (TWN Billion), 2012-2017
Table 31: Taiwanese Life Insurance - Retentions (TWN Billion), 2008-2012
Table 32: Taiwanese Life Insurance - Retentions (TWN Billion), 2012-2017
Table 33: Taiwanese Individual Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 34: Taiwanese Individual Life Insurance - Number of Active Policies (Thousand), 2012-2017
Table 35: Taiwanese Individual Life Insurance - Written Premium (TWN Billion), 2008-2012
Table 36: Taiwanese Individual Life Insurance - Written Premium (TWN Billion), 2012-2017
Table 37: Taiwanese Individual General Annuity Insurance - Number of Active Policies (Thousand), 2008-2012
Table 38: Taiwanese Individual General Annuity Insurance - Number of Active Policies (Thousand), 2012-2017
Table 39: Taiwanese Individual General Annuity Insurance - Written Premium (TWN Billion), 2008-2012
Table 40: Taiwanese Individual General Annuity Insurance - Written Premium (TWN Billion), 2012-2017
Table 41: Taiwanese Group Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 42: Taiwanese Group Life Insurance - Number of Active Policies (Thousand), 2012-2017
Table 43: Taiwanese Group Life Insurance - Written Premium (TWN Billion), 2008-2012
Table 44: Taiwanese Group Life Insurance - Written Premium (TWN Billion), 2012-2017
Table 45: Taiwanese Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 46: Taiwanese Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 47: Taiwanese Individual Single-Premium Insurance - Written Premium (TWN Billion), 2008-2012
Table 48: Taiwanese Individual Single-Premium Insurance - Written Premium (TWN Billion), 2012-2017
Table 49: Taiwanese Individual Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 50: Taiwanese Individual Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 51: Taiwanese Individual Non-Single-Premium Insurance - Written Premium (TWN Billion), 2008-2012
Table 52: Taiwanese Individual Non-Single-Premium Insurance - Written Premium (TWN Billion), 2012-2017
Table 53: Taiwanese Group Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 54: Taiwanese Group Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 55: Taiwanese Group Single-Premium Insurance - Written Premium (TWN Billion), 2008-2012
Table 56: Taiwanese Group Single-Premium Insurance - Written Premium (TWN Billion), 2012-2017
Table 57: Taiwanese Group Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 58: Taiwanese Group Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 59: Taiwanese Group Non-Single-Premium Insurance - Written Premium (TWN Billion), 2008-2012
Table 60: Taiwanese Group Non-Single-Premium Insurance - Written Premium (TWN Billion), 2012-2017
Table 61: Taiwanese Life Insurance - Direct Marketing Commission Paid (TWN Billion), 2008-2012
Table 62: Taiwanese Life Insurance - Direct Marketing Commission Paid (TWN Billion), 2012-2017
Table 63: Taiwanese Life Insurance - New Business Written Premium Through Direct Marketing (TWN Billion), 2008-2012
Table 64: Taiwanese Life Insurance - New Business Written Premium Through Direct Marketing (TWN Billion), 2012-2017
Table 65: Taiwanese Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 66: Taiwanese Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 67: Taiwanese Life Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 68: Taiwanese Life Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 69: Taiwanese Life Insurance - Bancassurance Commission Paid (TWN Billion), 2008-2012
Table 70: Taiwanese Life Insurance - Bancassurance Commission Paid (TWN Billion), 2012-2017
Table 71: Taiwanese Life Insurance - New Business Written Premium Through Bancassurance (TWN Billion), 2008-2012
Table 72: Taiwanese Life Insurance - New Business Written Premium Through Bancassurance (TWN Billion), 2012-2017
Table 73: Taiwanese Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 74: Taiwanese Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 75: Taiwanese Life Insurance - Number of Bancassurance Distributors, 2008-2012
Table 76: Taiwanese Life Insurance - Number of Bancassurance Distributors, 2012-2017
Table 77: Taiwanese Life Insurance - Commission Paid to Agencies (TWN Billion), 2008-2012
Table 78: Taiwanese Life Insurance - Commission Paid to Agencies (TWN Billion), 2012-2017
Table 79: Taiwanese Life Insurance - New Business Written Premium Through Agencies (TWN Billion), 2008-2012
Table 80: Taiwanese Life Insurance - New Business Written Premium Through Agencies (TWN Billion), 2012-2017
Table 81: Taiwanese Life Insurance - New Policies Sold Through Agencies (Thousand), 2008-2012
Table 82: Taiwanese Life Insurance - New Policies Sold Through Agencies (Thousand), 2012-2017
Table 83: Taiwanese Life Insurance - Number of Agencies, 2008-2012
Table 84: Taiwanese Life Insurance - Number of Agencies, 2012-2017
Table 85: Taiwanese Life Insurance - E-Commerce Commission Paid (TWN Billion), 2008-2012
Table 86: Taiwanese Life Insurance - E-Commerce Commission Paid (TWN Billion), 2012-2017
Table 87: Taiwanese Life Insurance - New Business Written Premium Through E-Commerce (TWN Billion), 2008-2012
Table 88: Taiwanese Life Insurance - New Business Written Premium Through E-Commerce (TWN Billion), 2012-2017
Table 89: Taiwanese Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 90: Taiwanese Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 91: Taiwanese Life Insurance - Number of E-Commerce Distributors, 2008-2012
Table 92: Taiwanese Life Insurance - Number of E-Commerce Distributors, 2012-2017
Table 93: Taiwanese Life Insurance - Commission Paid to Brokers (TWN Billion), 2008-2012
Table 94: Taiwanese Life Insurance - Commission Paid to Brokers (TWN Billion), 2012-2017
Table 95: Taiwanese Life Insurance - New Business Written Premium Through Brokers (TWN Billion), 2008-2012
Table 96: Taiwanese Life Insurance - New Business Written Premium Through Brokers (TWN Billion), 2012-2017
Table 97: Taiwanese Life Insurance - New Policies Sold Through Brokers (Thousand), 2008-2012
Table 98: Taiwanese Life Insurance - New Policies Sold Through Brokers (Thousand), 2012-2017
Table 99: Taiwanese Life Insurance - Number of Brokers, 2008-2012
Table 100: Taiwanese Life Insurance - Number of Brokers, 2012-2017
Table 101: Reinsurance in Taiwan by Category (TWN Billion), 2008-2012
Table 102: Reinsurance in Taiwan by Category (US$ Billion), 2008-2012
Table 103: Reinsurance in Taiwan by Category (TWN Billion), 2012-2017
Table 104: Reinsurance in Taiwanese by Category (US$ Billion), 2012-2017
Table 105: Taiwanese Premium Ceded to Reinsurance by Type of Insurance (TWN Billion), 2008-2012
Table 106: Taiwanese Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008-2012
Table 107: Taiwanese Premium Ceded to Reinsurance by Type of Insurance (TWN Billion), 2012-2017
Table 108: Taiwanese Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012-2017
Table 109: Taiwanese Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 110: Taiwanese Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 111: Taiwan - Corporate Tax Rates for the Financial Year 2013
Table 112: Number of Life Insurance Providers in Taiwan, 2008-2013
Table 113: Shares of Key Insurers in the Taiwanese Life Insurance Segment (%), 2012
Table 114: Cathay Life Insurance Co., Ltd, Key Facts
Table 115: Cathay Life Insurance Co., Ltd, Key Financials (TWN Million), 2008-2012
Table 116: Fubon Life Insurance Co., Ltd, Key Facts
Table 117: Fubon Life Insurance Co., Ltd, Key Financials (TWN Million), 2008-2012
Table 118: Nan Shan Life Insurance Company, Ltd, Key Facts
Table 119: Nan Shan Life Insurance Company, Ltd, Key Financials (SGD Million), 2008-2012
Table 120: Chunghwa Post Co., Ltd, Key Facts
Table 121: Chunghwa Post Co., Ltd, Key Financials (TWN Million), 2008-2012
Table 122: Shin Kong Life Insurance Co., Ltd, Key Facts
Table 123: Shin Kong Life Insurance Co., Ltd, Key Financials (TWN Million), 2008-2012
Table 124: China Life Insurance Co., Ltd, Key Facts
Table 125: China Life Insurance Co., Ltd, Key Financials (TWN Million), 2008-2012
Table 126: Mercuries Life Insurance Co., Ltd, Key Facts
Table 127: Mercuries Life Insurance Co., Ltd, Key Financials (TWN Million), 2008-2012
Table 128: Taiwan Life Insurance Co Ltd, Key Facts
Table 129: Taiwan Life Insurance Co Ltd, Key Financials (TWN Million), 2008-2012
Table 130: Bank Taiwan Life Insurance Co., Ltd, Key Facts
Table 131: Bank Taiwan Life Insurance Co., Ltd, Key Financials (TWN Million), 2008-2012
Table 132: Allianz Taiwan Life Insurance Co. Ltd, Key Facts
Table 133: Allianz Taiwan Life Insurance Co. Ltd, Key Financials (TWN Million), 2008-2012