Life and non-life insurance penetration in selected countries globally 2017

Life and non-life insurance penetration in selected countries worldwide in 2017

by Jennifer Rudden, last edited Jul 17, 2019
Life and non-life insurance penetration in selected countries globally 2017 In 2017, insurance penetration reached 21.32 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 2017 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 2022.  

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 2017

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Insurance penetration
Taiwan21.32%
Hong Kong17.94%
South Africa13.75%
South Korea11.57%
United Kingdom9.58%
France8.95%
Japan8.59%
Italy8.34%
Canada7.23%
United States7.1%
World6.13%
Germany6.04%
Australia5.81%
China (mainland)4.57%
Brazil4.05%
Mexico2.2%
Insurance penetration
Taiwan21.32%
Hong Kong17.94%
South Africa13.75%
South Korea11.57%
United Kingdom9.58%
France8.95%
Japan8.59%
Italy8.34%
Canada7.23%
United States7.1%
World6.13%
Germany6.04%
Australia5.81%
China (mainland)4.57%
Brazil4.05%
Mexico2.2%
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by Jennifer Rudden, last edited Jul 17, 2019
In 2017, insurance penetration reached 21.32 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 2017 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 2022.  

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.
Show more
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