“Human fortunes are as unpredictable as the weather”
The adage sums up the mentality in dealing with risk management among families and companies in Taiwan. How well do Taiwanese people take actions when it comes to buying insurances to protect against potential risks? Over the past year, the market saw a 6%-7% growth, with each citizen owning an average of 2.4 policies. The penetration rate in Taiwan is the world’s second highest, only next to the Cayman Islands. The average annual spending on premium is around $140K NTD, and is on the 5 consecutive year of increase. This rise in insurance-related expenditure is certainly the result of higher acceptance and demand. Looking at the penetration rate and density of insurance policies, undoubtedly, the general insurance market of Taiwan is very mature.