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Taiwan: Modest growth in premiums forecast for 2017

Source: Asia Insurance Review | Jan 2017

Life insurance premiums in Taiwan are forecast to grow by up to 5% this year, while the general insurance sector will see growth of 3-6%, according to the Taiwan Insurance Institute (TII).
   Insurance industry players said that regulatory policies will be an important factor affecting market growth this year. In addition, while the life insurance sector views interest rates as also affecting growth, the non-life sector sees economic growth as another factor determining prospects.
   TII Vice President John Kuo said that despite slowing global economic growth, total insurance premiums for the first 10 months of last year showed a sturdy increase. During the period, premiums collected by life insurers rose by 6.2% year-on-year to NT$2.54 trillion. The figure is expected to hit NT$3 trillion for the full year last year. The non-life sector posted premiums of NT$121.3 billion for January-October last year, 7.6% higher than for the corresponding period in 2015. The performance of general insurers is expected to be steady.
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