Taiwan Insurance market driven by Bancassurance: Ken research
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Transcript of Taiwan Insurance market driven by Bancassurance: Ken research
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© This is a licensed product of Ken Research and should not be copied
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© This is a licensed product of Ken Research and should not be copied
TABLE OF CONTENTS
1. Asia-Pacific Insurance Industry
1.1. Industry Introduction
1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P
1.3. Asia-Pacific Insurance Market Segmentation
1.3.1. By Geography, 2005-2012P
1.3.2. By Life and Non Life, 2005-2012P
2. Taiwan Insurance Industry
2.1. Taiwan Insurance Value Chain
2.2. Taiwan Insurance Market Size by Direct Written Premium, 2005-2012P
3. Taiwan Insurance Government Regulations
4. Taiwan Life Insurance Market
4.1. Taiwan Life Insurance Market Size, 2005-2012P
4.2. Life Insurance Segmentation, 2005-2012P
4.3. Market Share of Major Life Insurers in Taiwan, 2011
4.4. Taiwan Life Insurance Distribution Channel, 2009-2011
4.5. Taiwan Life Insurance Market Future Outlook and Projection, 2013-2016
5. Taiwan Non-Life Insurance Market
5.1. Taiwan Non-Life Insurance Market Size, 2005-2012P
5.2. Market Share of Major Non Life Insurers in Taiwan, 2011
5.3. Taiwan Non-Life Insurance Market Future Outlook and Projection, 2013-2016
6. Non-Life Insurance Segmentation, 2005-2012P
6.1. Taiwan Automobile Insurance Industry
6.1.1. Taiwan Automobile Insurance Market Size, 2005-2012P
6.1.2. Automobile Insurance Segmentation, 2005-2012P
6.1.3. Market Share of Major Automobile Insurers in Taiwan, 2011
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6.1.4. Taiwan Automobile insurance Market Future Outlook and Projection, 2013-2016
6.2. Taiwan Property and Casualty Insurance Industry
6.2.1. Taiwan Property and Casulaty Insurance Market Size, 2005-2012P
6.2.2. Property and Casualty Insurance Segmentation, 2005-2012P
6.2.3. Market Share of Major Property and Casulaty Insurers in Taiwan, 2011
6.2.4. Taiwan Property and Casualty insurance Market Future Outlook and Projection, 2013-2016
6.3. Taiwan Fire Insurance Industry
6.3.1. Taiwan Fire Insurance Market Size, 2005-2012P
6.3.2. Taiwan Fire Insurance Market Future Outlook and Projection, 2013-2016
6.4. Taiwan Marine Insurance Industry
6.4.1. Taiwan Marine Insurance Market Size, 2005-2012P
6.4.2. Marine Insurance Segmentation, 2005-2012P
6.4.3. Taiwan Marine insurance Market Future Outlook and Projection, 2013-2016
6.5. Taiwan Aviation Insurance Industry
6.5.1. Taiwan Aviation Insurance Market Size, 2005-2012P
6.5.2. Taiwan Aviation Insurance Market Future Outlook and Projection, 2013-2016
7. Taiwan Insurance Industry Trends and Developments
Emergence of New Distribution Channel
Rising Merger, Acquisitions and Joint Venture
Rising Affluent Middle Class
Increasing Cyber Risk Insurance Need
8. Asia-Pacific Insurance Industry Future Outlook
8.1. Asia-Pacific Insurance Industry Future Projections
8.1.1. By Geography, 2013-2016
9. Taiwan Insurance Industry Future Projections, 2013-2016
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9.1. Cause and Effect Relationship Between Dependent and Independent Factors Prevailing in Taiwan Insurance Market
10. Company Profile of Major Players in Taiwan Life Insurance Industry
10.1. Cathay Life
10.1.1. Company Profile
10.1.2. Business Strategies
10.1.3. Financial Performance
10.2. Fubon Life
10.2.1. Company Profile
10.2.2. Business Strategies
10.2.3. Financial Performance
10.3. Nan Shan Life
10.3.1. Company Profile
10.3.2. Business Strategies
10.3.3. Financial Performance
11. Company Profile of Major Players in Taiwan Non-Life Insurance Industry
11.1. Shinkong Insurance
11.1.1. Company Profile
11.1.2. Business Strategies
11.1.3. Financial Performance
11.2. MSIG Mingtai Insurance
11.2.1. Company Profile
11.2.2. Business Strategies
11.2.3. Financial Performance
12. Taiwan Insurance Industry Macro-Economic Indicators: Historical and Projections
12.1. Taiwan Population, 2005-2016
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12.2. GDP of Taiwan, 2005-2016
12.3. Healthcare Expenditure of Taiwan, 2005-2016
12.4. Total number of Vehicle in Use in Taiwan, 2005-2016
13. Appendix
13.1. Market Definitions
13.2. Abbreviations
13.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
13.4. Disclaimer
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LIST OF FIGURES
Figure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 3: Insurance Value Chain
Figure 4: Taiwan Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 5: Taiwan Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 6: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 7: Market Share of Major Life Insurers on the Basis of Direct Written Premium in Percentage, 2011
Figure 8: Taiwan Life Insurance Distribution Channel by Banks, Solicitors and Others on the Basis of Direct Written Premium in Percentage, 2009-2011
Figure 9: Taiwan Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 10: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium in Percentage, 2011
Figure 11: Taiwan Non life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Figure 12: Taiwan Non life Insurance Market Segmentation by Health, Accident, Automobile, Fire, Marine, Aviation and Property and Casualty on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 13: Taiwan Automobile Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 14: Taiwan Automobile Insurance Market Segmentation by Voluntary and Compulsory Motor Liability Insurance on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 15: Market Share of Major Automobile Insurers on the Basis of Direct Written Premium in Percentage, 2011
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Figure 16: Taiwan Property and Casualty Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 17: Taiwan Property and Casualty Insurance Market Segmentation by Accident, Liability, Engineering, Credit, Health and Others on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 18: Market Share of Major Property and Casualty Insurers on the Basis of Direct Written Premium in Percentage, 2011
Figure 19: Taiwan Fire Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 20: Taiwan Fire Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Figure 21: Taiwan Marine Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 22: Taiwan Marine Insurance Market Segmentation by Marine Cargo, Marine Hull and Fishing Vessel on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 23: Taiwan Aviation Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 24: Taiwan Aviation Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Figure 25: Taiwan Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Figure 26: Taiwan Life Insurance Premium Income of Cathay Life Insurance in USD Million, 2005-2011
Figure 27: Taiwan Life Insurance Premium Income of Fubon Life Insurance in USD Million, 2005-2011
Figure 28: Taiwan Life Insurance Premium Income of Nan Shan Life Insurance in USD Million, 2005-2011
Figure 29: Taiwan Non-Life Insurance Direct Written Premium of Shinkong Insurance in USD Million, 2005-2011
Figure 30: Taiwan Non-Life Insurance Direct Written Premium of MSIG Mingtai Insurance in USD Million, 2005-2011
Figure 31: Taiwan Population in Million, 2005-2016
Figure 32: GDP of Taiwan in USD Million, 2005-2016
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Figure 33: Healthcare Expenditure of Taiwan in USD Million, 2005-2016
Figure 34: Total Number of Vehicle in Use in Taiwan in Million, 2005-2016
LIST OF TABLES
Table 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Table 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Table 3: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis of Direct Written Premium in USD Million, 2005-2011
Table 4: Market Share of Major Life Insurers on the Basis of Direct Written Premium in USD Million, 2011
Table 5: Taiwan Life Insurance Distribution Channel by Banks, Solicitors and Others on the Basis of Direct Written Premium in USD Million, 2009-2011
Table 6: Taiwan Life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 7: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium in USD Million, 2011
Table 8: Taiwan Automobile Insurance Market Segmentation by Voluntary and Compulsory Motor Liability Insurance on the Basis of Direct Written Premium in USD Million, 2005-2012P
Table 9: Market Share of Major Automobile Insurers on the Basis of Direct Written Premium in USD Million, 2011
Table 10: Taiwan Automobile Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 11: Taiwan Property and Casualty Insurance Market Segmentation by Accident, Liability, Engineering, Credit, Health and Others on the Basis of Direct Written Premium in USD Million, 2005-2012P
Table 12: Market Share of Major Property and Casualty Insurers on the Basis of Direct Written Premium in USD Million, 2011
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Table 13: Taiwan Property and Casualty Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 14: Taiwan Marine Insurance Market Segmentation by Marine Cargo, Marine Hull and Fishing Vessel on the Basis of Direct Written Premium in USD Million, 2005-2012P
Table 15: Taiwan Marine Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 16: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 17: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of Taiwan Insurance Market
Table 18: Correlation Matrix of Taiwan Insurance Industry
Table 19: Regression Coefficients Output of Taiwan Insurance Industry
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ASIA-PACIFIC INSURANCE MARKET SIZE BY DIRECT WRITTEN PREMIUM, 2005-2012P
The insurance market in Asia-Pacific region has grown remarkably over the past few years due to the growth in the emerging market such as China, Japan, India, Australia, Taiwan and South Korea. The countries in the Asia-Pacific region are at different stages of economic development unlike the European countries and the US which has created significant opportunities for the insurers in the region in order to serve the financial needs of the customers. The market in the region has grown at a CAGR of 11.9% from USD ~ million in 2005 to USD ~million in 2012…
Figure: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
0.0
2,00,000.0
4,00,000.0
6,00,000.0
8,00,000.0
10,00,000.0
12,00,000.0
14,00,000.0
16,00,000.0
2005 2006 2007 2008 2009 2010 2011 2012P
USD
Mill
ion
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China insurance industry is one of the predominant markets in the insurance industry in the Asia-Pacific region with a contribution of ~% of the direct written premium in the region in 2012.
ASIA-PACIFIC INSURANCE MARKET SEGMENTATION
BY GEOGRAPHY, 2005-2012P
Asia-Pacific insurance industry is majorly contributed by 6 major countries such as Japan, China, South Korea, Taiwan, India and Australia with the share of ~% in 2012. Japan insurance market
is the second largest in the world with the contribution of more than ~% in 2012…. China insurance industry is one of the predominant markets in the insurance industry in the Asia-Pacific region with a contribution of ~% of the direct written premium in the region in 2012…
South Korea is the third largest market with a contribution of ~% in 2012. The country insurance sector is more
complicated with limited growth opportunities in comparison with the growing market in the region such as China and India…
Table: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Countries 2005 2006 2007 2008 2009 2010 2011 2012P
Japan
China
South Korea
Taiwan
India
Australia
Hong Kong
Singapore
Thailand
Malaysia
Indonesia
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New Zealand
Philippines
Vietnam
Pakistan
Kazakhstan
Bangladesh
Sri Lanka
Total
TAIWAN INSURANCE INDUSTRY
TAIWAN INSURANCE MARKET SIZE BY DIRECT WRITTEN PREMIUM, 2005-2012P
…In 2011, there were ~ insurance companies in Taiwan of which ~ were life insurance companies and ~ were non life insurance players. In ~ life insurance marketers, ~ were domestic companies while ~ were branches of foreign companies. The ~ general insurance companies include ~ domestic and ~ foreign companies...
Figure: Taiwan Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Note:-Life Insurance is in Premium Income; Non-Life Insurance is in Direct Written Premium
0.0
10,000.0
20,000.0
30,000.0
40,000.0
50,000.0
60,000.0
70,000.0
80,000.0
2005 2006 2007 2008 2009 2010 2011 2012P
USD
Mill
ion
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TAIWAN LIFE INSURANCE MARKET
LIFE INSURANCE SEGMENTATION, 2005-2012P
….The country’s graying population has driven the growth of annuity insurance business while short term variable annuity have become of the most popular products in 2010. In 2010, the annuity insurance market has recorded direct written premium of USD ~ million with a spectacular growth of ~% over 2009. In 2011, the market has suffered a decline of ~% to USD ~ million on account of negative impact of surrender fee and decrease rate on short term variable annuities by Taiwan chief market regulator and Financial Supervisory Commission (FSC) in order to reduce the sales.
Figure: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis of Direct Written Premium in Percentage, 2005-2012P
Note:-
Life Insurance is in Premium Income
0.0
0.2
0.4
0.6
0.8
1.0
1.2
2005 2006 2007 2008 2009 2010 2011 2012P
In P
erce
ntag
e
Annuity Life
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Table: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis of Direct Written Premium in USD Million, 2005-2011
Segments 2005 2006 2007 2008 2009 2010 2011 2012P
Life
Annuity
Total
Note:-
Life Insurance is in Premium Income
MARKET SHARE OF MAJOR LIFE INSURERS IN TAIWAN, 2011
Taiwan life insurance industry is dominated by top 5 players such as Cathay life, Fubon life, Nan Shan Life, Chunghwa Post and Shin Kong life contribute around ~% in 2011.
Cathay life is the leading life insurance player in the country with the share of ~% and the direct written premium of USD ~ million in 2011…
Figure: Market Share of Major Life Insurers on the Basis of Direct Written Premium in Percentage, 2011
Cathey Life
Fubon Life
Nan Shan Life
Chunghwa Post
Shin Kong Life
China Life
MassMutual Mercuries
Others
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Table: Market Share of Major Life Insurers on the Basis of Direct Written Premium in USD Million, 2011
Players 2011
Cathay Life
Fubon Life
Nan Shan Life
Chunghwa Post
Shin Kong Life
China Life
MassMutual Mercuries
Others
Total
TAIWAN NON-LIFE INSURANCE MARKET
TAIWAN NON-LIFE INSURANCE MARKET SIZE, 2005-2012P
…In 2011, Taiwan general insurance industry has experienced a growth of ~% with the direct written premium of USD ~ million in 2011 in comparison to USD ~ million in 2010…
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Figure: Taiwan Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
TAIWAN AUTOMOBILE INSURANCE INDUSTRY
TAIWAN AUTOMOBILE INSURANCE MARKET SIZE, 2005-2012P
Taiwan automobile insurance industry is leading market in the general insurance industry with the share of ~% in 2012. The market has experienced a growth of ~% from USD ~ million in 2010 to USD ~ million in 2011 on account of rising sales of motor vehicles in the country. In 2011, Taiwan has witness a growth of ~% in the number of vehicles in use from ~ million in 2010 to ~ million in 2011...
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
3,000.0
3,500.0
4,000.0
4,500.0
2005 2006 2007 2008 2009 2010 2011 2012P
USD
Mill
ion
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Figure: Taiwan Automobile Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
TAIWAN PROPERTY AND CASUALTY INSURANCE INDUSTRY
TAIWAN PROPERTY AND CASUALTY INSURANCE MARKET FUTURE OUTLOOK AND PROJECTION, 2013-2016
The property and casualty insurance industry in Taiwan is one of the growing markets with a CAGR of 7.3% from 2013-2016. The industry is expected to witness growth of ~% in 2012 over 2012 and is anticipated to record direct written premium of USD ~ million in 2013….
The country has experienced a slight increase in the population from ~ million in 2005 to ~ million in 2011 but this growth is mainly influenced by the longer national life expectancy. The birth rate of Taiwan has felled from ~ per 1,000 population in 2005 to ~ per 1,000 population in 2011. This has led the ageing population of the country to increase and is expected that the age over 65 population will account more than ~% of the population in 2020…
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
2005 2006 2007 2008 2009 2010 2011 2012P
USD
Mill
ion
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Table: Taiwan Property and Casualty Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
Segments 2013 2014 2015 2016
Accident
Liability
Engineering
Credit
Health
Others
Total
ASIA-PACIFIC INSURANCE INDUSTRY FUTURE OUTLOOK
….Overall, the market of the Asia-Pacific insurance is expected to grow at a CAGR of 11.2% from 2013-2016. The market in the near future is expected to witness consolidation and higher competition level with the entrance of more global players in the market…
ASIA-PACIFIC INSURANCE INDUSTRY FUTURE PROJECTIONS
BY GEOGRAPHY, 2013-2016
The Asia-Pacific Insurance industry is expected to grow at a CAGR of 11.2% from 2013-2016 on account of rising population in the emerging market of Asia such as India and China. It is anticipated that the total direct written premium of the insurance products will increase to USD ~ million in 2016 from USD ~ million in 2012.
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Table: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, 2013-2016
Countries 2013 2014 2015 2016
Japan
China
South Korea
Taiwan
India
Australia
Hong Kong
Singapore
Thailand
Malaysia
Indonesia
New Zealand
Philippines
Vietnam
Pakistan
Kazakhstan
Bangladesh
Sri Lanka
Total
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TAIWAN INSURANCE INDUSTRY FUTURE PROJECTIONS, 2013-2016
Under the base case scenario analysis, Taiwan insurance market is expected to grow at a CAGR of 8.7% in the next four years and is predicted to record direct written premium of USD ~ million in 2016….
The conservative case scenario analysis assumes that the insurance market of the country is anticipated to grow at a marginal CAGR of 2.5% from 2013-2016 in comparison to the historical years…
The best case scenario analysis predicts that the market will record a direct written premium of USD ~ million in 2016. The insurance market of Taiwan is also anticipated to grow at a CAGR of ~% from 2013-2016….
Figure: Taiwan Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2013-2016
0.0
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40,000.0
60,000.0
80,000.0
1,00,000.0
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FY'2013 FY'2014 FY'2015 FY'2016
USD
Mill
ion
Worst Case Base Case Best Case
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CAUSE AND EFFECT RELATIONSHIP BETWEEN DEPENDENT AND INDEPENDENT FACTORS PREVAILING IN TAIWAN INSURANCE MARKET
Table: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of Taiwan Insurance Market
Industry Factors Market Impact Comments
Strict Government Regulations and Support
Cause: Positive Effect: Negative Effect:
Increasing Population
Cause: Effect:
Increasing Consumer Spending
Cause: Effect:
Increasing number of catastrophe events
Cause: Positive Effect: Negative Effect:
DISCLAIMER
No part of this manual or any material appearing may be reproduced, stored in or transmitted on any other Web site without written permission of Ken Research and any payments of a specified fee. Requests to republish any material may be sent to us.