The latest market report from GlobalData;
The general insurance industry in Taiwan (Province of China) is projected to grow at a compound annual growth rate (CAGR) of 7.9%, increasing from TWD308.8 billion ($9.7 billion) in 2025 to TWD417.9 billion ($13.1 billion) in 2029, in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company.
According to GlobalData’s Global Insurance Database, the general insurance market in Taiwan is estimated to register an annual growth rate of 8.8% in 2025, driven by a surge in demand for high-premium electric vehicle (EV) insurance, a rebound in auto sales, heightened property risk awareness following seismic activity in April 2024, a recovery in household spending, and reforms in digital distribution. Motor, property, and personal accident and health insurance (PA&H) together are expected to account for 82.8% of the general insurance GWP in 2025.
Swarup Kumar Sahoo, Senior Insurance Analyst at GlobalData, comments: “Motor, property, and PA&H insurance remain key growth engines in Taiwan’s general insurance landscape. Economic growth, the frequent occurrence of natural disasters, government push on digital service, and rising Insurtech solutions will support the growth of its general insurance industry.”
Motor insurance is the largest line of business and is expected to account for 48.5% of the general insurance GWP in 2025. The growth of motor insurance GWP slowed marginally from 7.6% in 2023 to 7.5% in 2024 and is expected to decelerate to 6.2% in 2025 due to weaker new car sales.
Sahoo adds: “Despite the slowdown, steady growth is anticipated in motor insurance, driven by mandatory third-party liability coverage, stable demand in urban areas, demand for add-on covers, and EV-specific plans. 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. Motor insurance is forecasted to grow at a CAGR of 5.6% during 2025–29.”
Property insurance is the second-largest line of business with an estimated 25.1% share of the general insurance GWP in 2025. The growth of property insurance will be supported by heightened awareness of catastrophe-related risks following the occurrence of typhoons and earthquakes. The 7.4 magnitude earthquake in April 2024, which caused extensive damage to residential and commercial properties, and the 6.0 magnitude earthquake in January 2025, are expected to increase the demand for fire and natural hazard policies that encompass earthquake coverage.
GlobalData expects the property insurance gross written premiums to grow at a robust CAGR of 11.8%, the highest among the general insurance line of businesses during 2025-29.
PA&H is the third-largest line of business, projected to account for 9.2% of the general insurance GWP in 2025. This line is forecast to expand at a CAGR of 5.4% during the period from 2025 to 2029. The growth of this segment will be supported by rising medical expenditures and consumer preference for supplemental health protection, and the country’s aging population. According to GlobalData, 18.8% of Taiwan’s population was aged 65 years and older in 2024, which is expected to rise to 20.4% by 2026.
Other general insurance lines, such as financial lines, liability, and marine, aviation, and transit, are estimated to account for the remaining 17.2% share of the general insurance GWP in 2025.
Sahoo concludes: “Taiwan’s general insurance market presents a favorable outlook supported by economic growth, demographic shifts, technological innovation, and preparedness for catastrophes. Insurers are expected to strengthen underwriting discipline, expand digital distribution, and enhance customer engagement to meet evolving demands. External shocks, such as climate change and healthcare inflation, will continue to drive product innovation, with insurers focusing on resilience, solvency, and profitability.”
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