Taiwan's domestic non-life insurance premium continued to increase in 2024, growing 10.5% to reach TWD278.5bn ($9.2bn), according to a new report by AM Best.
Motor insurance continued to be the driving force of Taiwan’s non-life segment, particularly voluntary motor, which contributed close to half of the segment’s direct written premiums in 2024, despite the slightly slower overall premium growth last year, partly due to subdued growth in new car sales during 2024 and through the first quarter of 2025. In order to bolster EV coverage, Taiwan’s insurance regulator implemented standardised EV motor policy terms in the second half of 2024.
The combined gross written premiums of AM Best’s eight rated non-life insurers rose 10.6% to TWD192.8bn in 2024, similar to the market’s growth of 10.5% reported by all 14 domestic non-life insurers. All rated entities achieved premium gains in 2024, driven by expansions in voluntary motor, travel insurance and commercial lines.
The report further states that Taiwan’s non-life insurance segment achieved significant improvement in operating profitability for 2023 and 2024. Notably, following a year of historically poor performance in 2022, the market achieved a profit turnaround in 2023, due to the release of pandemic insurance-related reserves and the efforts of non-life insurers to bolster underwriting guidelines.