Taiwan Online P&C Insurance Market to Generate a Valuation of US$ 1,627.71 Million by 2030

CHICAGO, UNITED STATES, May 16, 2023 /EINPresswire.com/ -- Taiwan online Property & Casualty insurance market is estimated to reach a valuation of US$ 1,627.71 Mn by 2030 from US$ 918.1 million in 2022, growing at a CAGR of 7.42% over the forecast period 2023–2030.

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With only a few insurers now offering digital sales capabilities, the Taiwan online P&C insurance market is still in its infancy. Consequently, the market growth potential is substantial. According to our analysis, in contrast to South Korea's 15% and China's 10%, only 2% of P&C insurance premiums in Taiwan were sold online in 2018. However, during the past four years, the market has experienced a substantial improvement in overall adoption, which now stands at over 9%.

The primary causes of the absence of online sales are low consumer awareness of the choice and a lack of knowledge on how to buy policies online. However, the Taiwan insurance industry is anticipated to experience a considerable increase in online premiums as technology advances and more and more consumers resort to the Internet to make their purchases.

The increased adoption of digital technologies by insurers and the rising need for individualized and effective services are the main drivers of this growth. Insurers have been using digital technology to update their business procedures in order to keep up with clients' rising expectations. In order to stay competitive and meet the needs of their customers, insurers in the online P&C insurance industry are increasingly relying on the usage of artificial intelligence, predictive analytics, live chat, machine learning, and other digital technologies. According to statistics, the worldwide insurance technology market is likely to develop at a CAGR of 18.5% over the projected period to reach $143 billion by 2026.

Property Insurance is the Main Adopter of P&C Online Insurance in Taiwan

In 2022, the automotive insurance segment accounted for the leading share and recorded a revenue of US$ 482.59 Mn, caused by an increase in premium costs and rising vehicle sales.

However, the fire insurance segment is likely to project an annual growth rate of 10.14%. This is due to the rising risk of earthquakes, leading to a high need for fire insurance guidelines that automatically include earthquake coverage.

In addition, in 2022, the property insurance segment dominated the Taiwan online property and casualty industry, with a revenue share of 9.17% market share primarily pushed by the growing activity in the construction, manufacturing, and real estate sectors and the growing natural hazard insurance premium rates.

On-Year Coverage is the Most Popular Choice Among the End-Users

In 2022, the one-year coverage segment held a significant share of 65% of the Taiwan online property and casualty insurance industry and will grow at a CAGR of 7.92% from 2023 to 2030. The choice for short-term coverage or one-year plans is increasing owing to the cost-effectiveness and flexibility they present in the market. Several customers choose to maintain their financial assets unrestricted for unpredictable crises rather than reserving to long-term plans. In addition, short-term coverage plans are increasing due to the consumers' increased ability to obtain and compare insurance policies thanks to the expansion of digital platforms and mobile technology.

Individual Segment to Grow at a CAGR of 7.91% During the Forecast Period

In 2022, the individual segment dominated the Taiwan online property & casualty insurance industry, with a share of 66%. In addition, the segment is likely to record significant growth, with a CAGR of 7.91% throughout the forecast period. The COVID-19 pandemic has caused a change in consumer behavior and can be blamed for the increasing consumer adoption of the online P&C insurance market in Taiwan. The COVID-19 pandemic has significantly impacted Taiwan's insurance market, but the P&C insurance sector has shown some resiliency with a 2.8% increase in premiums in 2020.

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Top 4 Leading Competitors to Generate 40% of the Market Revenue

The top 4 businesses are Fubon Insurance Co Ltd, Hotai Motor, Taiping Insurance Co., Ltd, and Shin Kong Fire & Marine Insurance Co. Ltd are responsible for producing over 40% of the market revenue.

The majority of these firms in the Taiwanese online P&C insurance market have been actively growing their clientele through tactical alliances, purchases, and mergers. For instance, Fubon Insurance has partnered with Line Pay Taiwan's top mobile wallet service to provide customers with a simple and secure way to buy insurance products.

List of Other Key Players
Asia Insurance Co., Ltd.
Cathay Century Insurance Co Ltd.
AIU Insurance Company
BIDV Insurance Corporation
Mitsui Sumitomo Insurance Co., Ltd. Chung Kuo.
Shin Kong Fire & Marine Insurance Co., Ltd.
Hotai Motor
Taian Insurance Co., Ltd
Fubon Insurance Co., Ltd
Taiwan Fire & Marine Insurance Co., Ltd.
HUA NAN FINANCIAL HOLDINGS CO., LTD.
Tokio Marine Newa Insurance Co., Ltd
PCA Assurance Co., Ltd.
The Taiping Insurance Co., Ltd.
Zurich Insurance (Taiwan) Ltd.
Union Insurance
Other Prominent Players

Segmentation Outline

The Taiwan online property & casualty insurance market segmentation focuses on Type, Coverage Team, Distribution Channel, and End-Users.
By Type
Property Insurance
Automotive Insurance
Marine Insurance
Engineering Insurance
Aviation Insurance
Accident Insurance
Fire Insurance
Others

By Coverage Term
1 year
3 Years
5 Years
More than 5 years

By Distribution Channel
Insurance Company Webpages
Bank
Brokers/ Financial Advisors

By End-Users
Individuals
Businesses
Enterprise
Logistics
Retail
Education
Energy & Mining
Construction
Others

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