An illustration of a business person watering a plant that has coins blooming on the branches. Motor insurance is the largest line in Taiwan, with GlobalData reporting it makes up a 52.3% share of GWP. (Credit: enjoys25/Adobe Stock)

As of 2021, the Taiwan general insurance industry was at $25.5 billion in gross written premiums (GWP), but it could surpass $31.3 billion in GWP by 2026, according to a recent forecast from GlobalData — equating to a compound annual growth rate of 5.4%.

"The general insurance industry in Taiwan is expected to register a slower growth of 3.5% in 2022 after registering double-digit growth of 10.1% in 2021," Shabbir Ansari, senior insurance analyst at GlobalData, said in a release. "Sluggish growth in motor insurance, which accounts for over 50% of the general insurance premiums, is expected to impact the industry growth. However, the industry is expected to recover from 2023 onwards and witness an upward growth trend supported by the economic stability and recovery in vehicle sales."

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].

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