The Non-Life Insurance Market
The total premium income of all non-life insurance companies in 2010 was NT$105,806 million, a 3.87% increase over the previous year’s premium income of NT$101,859 million. Taiwan’s real GDP in 2010 rose by 10.82% over 2009, and the domestic insurance market was buoyed by this economic growth.
The domestic voluntary automobile insurance business was the highest individual performer among the lines of business in 2010. Premiums rose to NT$36,895 million in 2010 from NT$33,593 million in 2009, a 9.83% increase. This strong demand is linked to the increase in sales of new cars prompted by robust economic growth.
The total premium income of the miscellaneous casualty insurance industry in 2010 increased by NT$2,602 million over 2009, a growth of 13.50%. This can be attributed to ACE Group’s transferring of its personal accident and health insurance from life insurance to non-life insurance.
Taiwan’s Directorate-General of Budget, Accounting and Statistics predicts a moderate domestic economic growth rate of 5.03% during 2011. This positive outlook will benefit the overall premium income of the non-life insurance sector.
 Premium Income of Non-Life Insurance
|
NT$ millions |
Line |
2010 |
2009 |
Premium Income |
Growth Rate % |
Share % |
Premium Income |
Growth Rate % |
Share % |
Fire |
17,365 |
(7.16) |
16.41 |
18,705 |
(13.19) |
18.36 |
Marine & Aviation |
9,745 |
10.86 |
9.21 |
8,790 |
(12.22) |
8.63 |
Voluntary Automobile |
36,895 |
9.83 |
34.87 |
33,593 |
(2.25) |
32.98 |
Compulsory Auto. Liability |
15,763 |
(5.51) |
14.90 |
16,683 |
(8.24) |
16.38 |
Engineering |
4,156 |
(13.56) |
3.93 |
4,808 |
8.53 |
4.72 |
Miscellaneous Casualty |
21,882 |
13.50 |
20.68 |
19,280 |
0.40 |
18.93 |
Total |
105,806 |
3.87 |
100.00 |
101,859 |
(5.46) |
100.00 |
Source: Taiwan Insurance Institute
Note: The premium income of residential earthquake insurance is included in fire insurance.
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