The Life Insurance Market
Life insurance premium income reached NT$1,563,421 million in 2006, representing 7.26% growth over the previous year. The premium breakdown by line of business was 79.59% from life insurance, 3.80% from personal accident insurance, 10.38% from health insurance and 6.23% from annuity insurance.
 Premium Income of Life Insurance
|
In NT$ million |
| Line |
2006 |
2005 |
Premium Income |
Growth Rate % |
Share % |
Premium Income |
Growth Rate % |
Share % |
Life |
1,244,398 |
10.40 |
79.59 |
1,127,170 |
18.03 |
77.33 |
Personal Accident |
59,373 |
1.51 |
3.80 |
58,491 |
1.04 |
4.01 |
Health |
162,202 |
7.45 |
10.38 |
150,960 |
7.39 |
10.36 |
Annuity |
97,449 |
(19.47) |
6.23 |
121,010 |
(21.93) |
8.30 |
Total |
1,563,421 |
7.26 |
100.00 |
1,457,632 |
11.40 |
100.00 |
Data source: Taiwan Insurance Institute |
Life and health insurance maintained high growth rates of 10.40% and 7.45% respectively, whereas personal accident insurance, following the entry of non-life insurers into this business, displayed a decline of 5.95% in 2004 and slight increases of 1.04% in 2005 and 1.51% in 2006. Because of the regulator's restriction on the upper limit of the declared interest rate, the premium income for annuity insurance declined by 21.93% in 2005 and 19.47% in 2006. As the regulator has revised the restriction of the upper limit of the declared interest rate in April 2007, the continuous decline of annuity premium is expected to cease.
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