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| Market Players and Premium Income |
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According to statistics released by Taiwan Insurance Institute at the end of 2007, there were 55 insurance companies in Taiwan of which 31 were life insurance companies and 24 were non-life insurance companies. Out of the 31 life insurance companies, 22 were local companies while 9 were branches of foreign companies. The 24 non-life insurance companies included 17 local companies and 7 foreign ones. |
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| Numbers of Insurance Companies in Taiwan Over the Past Five Years |
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| Year |
Non-Life insurers |
Life insurers |
Total |
| Local Insurers |
Foreign Insurers |
Local Insurers |
Foreign Insurers |
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| 2003 |
17 |
8 |
21 |
8 |
54 |
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2004 |
17 |
9 |
21 |
8 |
55 |
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2005 |
16 |
9 |
21 |
9 |
55 |
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2006 |
17 |
8 |
22 |
8 |
55 |
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2007 |
17 |
7 |
22 |
9 |
55 |
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| Data source ĄG Taiwan Insurance Institute |
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The total premium income of the domestic insurance industry during 2007 was over NT$1,987,680 million, an increase of 18.47%. Non-life insurance premium income accounted for more than NT$112,583 million, a decline of 1.33% compared to the previous year. And while life insurance premium income was over NT$1,875,097 million, a rise of 19.91% from 2006, growth was significant.
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| Premium Income Over the Past Five Years |
In NT$ million |
Year |
Non-Life Insurance |
Life Insurance |
Grand Total |
| Premium Income |
Growth
Rate % |
Premium Income |
Growth
Rate % |
Premium Income |
Growth
Rate % |
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2003 |
109,469 |
7.92 |
1,132,565 |
27.37 |
1,242.141 |
25.38 |
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2004 |
115,468 |
5.48 |
1,308,490 |
15.52 |
1,423,958 |
14.64 |
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2005 |
118,502 |
2.63 |
1,457.750 |
11.41 |
1,576,252 |
10.70 |
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2006 |
114,106 |
(3.71) |
1,563,701 |
7.27 |
1,677,807 |
6.44 |
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2007 |
112.583 |
(1.33) |
1,875,097 |
19.91 |
1,987,680 |
18.47 |
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| Source: Taiwan Insurance Institute |
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| COPYRIGHT 2005 CENTRAL REINSURANCE CORPORATION. ALL RIGHTS RESERVED. |
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