Taiwan’s general insurance market is expected to reach TWD418 billion (US$13.1 billion) in gross written premiums (GWP) by 2029, growing at a compound annual growth rate (CAGR) of 7.9%, according to GlobalData.
The market is projected to expand by 8.8% in 2025, driven by higher demand for electric vehicle (EV) coverage, a recovery in auto sales, heightened awareness of property risks following seismic events, increased household spending, and advances in digital distribution channels.
Motor insurance will continue to be the dominant line, contributing an estimated 48.5% of GWP in 2025.
Growth slowed slightly from 7.6% in 2023 to 7.5% in 2024 and is expected to moderate further to 6.2% in 2025 due to weaker new car sales.
Swarup Kumar Sahoo, senior insurance analyst at GlobalData, said steady expansion in motor insurance is likely, supported by mandatory third-party liability coverage, demand in urban centres, optional add-on products, and EV-specific policies.
“Effective July 1, 2024, Taiwan introduced dedicated insurance plans for EVs, ensuring that their premiums do not exceed those of gasoline vehicles by more than 50%. This initiative is expected to benefit consumers and strengthen confidence,” he said.
Motor insurance is forecasted to grow at a CAGR of 5.6% through 2029.
Property insurance, the second-largest segment at 25.1% of GWP in 2025, is anticipated to grow at a CAGR of 11.8% from 2025 to 2029.
Recent natural events, including a 7.4 magnitude earthquake in April 2024 and a 6.0 magnitude quake in January 2025, have heightened demand for coverage against fire and natural hazards.
Personal accident and health (PA&H) insurance, projected to account for 9.2% of general insurance premiums in 2025, is expected to expand at a CAGR of 5.4% to 2029.
Drivers include rising healthcare costs, consumer preference for supplemental coverage, and an aging population, with the over-65 demographic projected to reach 20.4% by 2026.
AM Best reported that Taiwan’s non-life sector saw a 10.5% rise in direct written premiums in 2024, reaching NT$278.5 billion (US$9.2 billion).
Voluntary motor policies represented nearly half of all premiums.
The report noted that tighter underwriting standards contributed to capital and surplus growth, which exceeded NT$150 billion.
Growth slowed slightly due to weaker new vehicle sales in late 2024 and early 2025.
Sahoo said the general insurance market in Taiwan is expected to continue expanding, supported by demographic trends, technological adoption, and economic growth.
Insurers are focusing on digital distribution, underwriting discipline, and resilience strategies, while external pressures like climate-related risks and rising healthcare costs drive product innovation and operational efficiency.
