Life and non-life insurance penetration in selected countries globally 2018

In 2018, insurance penetration reached 20.88 percent in Taiwan. Insurance penetration is used as an indicator of insurance sector development within a country and is calculated as the ratio of total insurance premiums to gross domestic product in a given year.  Thus, the value of insurance premiums written in Taiwan in 2018 equaled more than one fifth of the region’s GDP.

FSC concern over high penetration rate

Taiwan’s high insurance penetration rate has led to the region’s Financial Supervisory Commission (FSC) to encourage the public to ensure that their insurance coverage fits their needs. Taiwan’s GDP has been increasing since 2016 and this trend is set to continue through 2024.

Taiwan’s insurance market

The number of property and casualty companies in Taiwan has remained steady over the past decade, whereas the life insurance market has experienced more fluctuation. The country’s population has been gradually climbing over the past decade, which means that the number of potential insurance customers has also been increasing.
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Life and non-life insurance penetration in selected countries worldwide in 2018
Insurance penetration
Hong Kong18.16%
South Africa12.89%
South Korea11.16%
United Kingdom10.61%
United States7.14%
China (mainland)4.22%
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