Taiwan Motor Insurance Market Size (2024 - 2029)

The Taiwan motor insurance sector has demonstrated resilience in the face of COVID-19, with insurers adapting swiftly to the challenges posed by the pandemic. Despite the negative short-term outlook due to semiconductor shortages, the market has experienced growth driven by increased premium prices and robust vehicle sales. The market size of motor insurance, which holds a significant portion of the insurance industry's gross written premium, is poised for medium to long-term opportunities as the economy continues to recover.

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Market Size of Taiwan Motor Insurance Industry

Taiwan motor insurance market
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

Taiwan Motor Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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Taiwan Motor Insurance Market Size Summary

The Taiwan motor insurance market is experiencing a dynamic phase, influenced by both challenges and opportunities in the wake of the COVID-19 pandemic. The sector, which holds a significant portion of the insurance market share, has seen growth driven by rising premium prices and increased vehicle sales. However, the short-term outlook is tempered by the semiconductor shortage affecting vehicle production. Despite these challenges, the market is poised for growth, supported by government initiatives and economic policies aimed at boosting consumer spending. The ongoing shift in economic power towards Asia is expected to further enhance the region's market performance, with Taiwan playing a crucial role in this transformation.

The market landscape is characterized by a consolidation of major players, with companies like Fubon Life Insurance Co. Ltd., Cathay Century Insurance Co., Ltd., and others leading the charge. The rise of digital platforms is reshaping the distribution of motor insurance, allowing insurers to tap into new customer bases while reducing costs. Partnerships, such as those between China Life Insurance Co. and Tokio Marine Newa Insurance Co., are expanding product offerings and market reach. Innovations like the motor UBI product launched by MSI and Carro highlight the integration of technology in insurance services, reflecting a broader trend towards digitalization in the industry. As the economy recovers and GDP per capita increases, insurance density is expected to rise, further driving market growth in the coming years.

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Taiwan Motor Insurance Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Key Market Insights

      1. 1.5.1 Impact of Government Regulations and Initiatives on the Insurance Industry

    6. 1.6 PESTLE Analysis

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Insurance Coverage

      1. 2.1.1 Third-party Liability

      2. 2.1.2 Voluntary

    2. 2.2 By Distribution Channel

      1. 2.2.1 Agents

      2. 2.2.2 Brokers

      3. 2.2.3 Solicitors

Taiwan Motor Insurance Market Size FAQs

The Taiwan Motor Insurance Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

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.

Taiwan Motor Insurance Market Report Snapshots

Taiwan Motor Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)