Taiwan’s Robust Life Insurance Sector Sees Significant Growth
In a sign of strong growth, Taiwan’s life insurance industry saw a substantial increase in premium revenues from new foreign-currency denominated policies in 2024. Data from the Insurance Bureau reveals a 22% rise, reaching $9.68 billion (NT$322.661 billion) by December 2024. This marks a significant jump from the $7.91 billion (NT$263.752 billion) recorded the previous year.
Traditional insurance products continued to be the dominant force, accounting for 85% of total foreign-currency policy sales. These products generated $8.18 billion (NT$272.847 billion), a 35% increase compared to $6.05 billion (NT$201.680 billion) in 2023.
In contrast, investment-linked insurance products contributed $1.49 billion (NT$49.814 billion), representing 15% of overall sales. However, this segment saw a decrease of 20% compared to the $1.86 billion (NT$62.072 billion) generated in 2023.
Note: $1.00 = NT$32.83
