|
Insurance sales play an important role in Taiwan's economic contribution. According to Swiss Re's latest Sigma report, Taiwan's insurance density was $5,156 in 2018 (that is, the average annual premium for each person was NT$159,000), a 3.3% increase from 2017, with a life insurance density of $4,320. NT$133,000), up 3% from 2017, property insurance at $841, up 4.7%, insurance “density”, in addition to the population of the country’s insurance premium income, which is the average annual premium per person. Representing the extent of the country's insurance industry development and the strength of Chinese people's awareness of insurance.
Another important indicator is Taiwan's insurance “permeability”, which is calculated by accounting for the proportion of national insurance premiums to its gross domestic product (GDP). It also represents the importance and contribution of the country's insurance industry to its economy.
Taiwan has a population of only 23 million, but life insurance premiums can rank in the top eight in the world. On behalf of Taiwan, the life insurance market is relatively mature. People love insurance, and premiums account for a very high proportion. Because of the low interest rate environment, Taiwanese people deposit by bank. Turning to life insurance savings insurance policy, life insurance penetration rate began in 2007, and in 2018, it was the world's highest in the 12th year, that is, 12 consecutive tyrants. Life insurance assets also grew rapidly in these 12 years, and exceeded NT$ at the end of last year. 26 trillion yuan.
The Swiss Reinsurance Research Institute also analyzed that Taiwan's premiums have slowed down, and investment-type policies have been affected by fluctuations in the investment market. Although there are loose funds, increased wealth, and a aging population, it is expected that Taiwan's premiums will continue to grow in 2019, but with The authorities' policies focus on "insurance surnames" and in 2024, they are in line with IFRS17 international accounting standards. Guaranteed, in-kind payment, retirement and long-term care products have the opportunity to become new growth momentum, but because of the low interest rate environment, life insurance operations have been The kinetic energy will also be suppressed. The income in 2019 mainly comes from overseas investment positions and exchange rate differences.
There are several major challenges in overall life insurance: the mismatch of insurance products and investment, the actual calculation of the assets of IFRS17 in Y2024, the life insurance industry has not yet escaped the risk evasion, the long-term low interest rate environment and the sudden changes in regulations, we still have to face the "two lows and two highs" challenges: low interest rates, low growth rate, high hedging costs, and high penetration rates, which have set a natural danger for the life insurance industry.
The most important issues that an insurance company will encounter in terms of technology talents, supervision, product development, mergers and acquisitions, and tax reforms, explain the development of individual factors in the next 12 to 18 months, and provide recommendations for insurance industry reference. This means that although the industry may have to withstand internal and external pressures, the degree of impact depends on the industry itself; and the biggest decisive factor may be the determination and preparedness of the insurers to adapt quickly to the rapid changes in the economy.
|