The Life Insurance Market
Life insurance premium income reached NT$1,875,097 million in 2007, representing 19.91% growth over the previous year. The premium breakdown by line of business was 78.21% from Life insurance, 3.11% from Personal Accident insurance, 9.64% from Health insurance and 9.04% from Annuity insurance.
 Premium Income of Life Insurance
|
In NT$ million |
| Line |
2007 |
2006 |
Premium Income |
Growth Rate % |
Share % |
Premium Income |
Growth Rate % |
Share % |
Life |
1,466,563 |
17.80 |
78.21 |
1,245,013 |
10.46 |
79.62 |
Personal Accident |
58,362 |
0.27 |
3.11 |
58,203 |
(0.51) |
3.72 |
Health |
180,734 |
10.63 |
9.64 |
163,372 |
8.12 |
10.45 |
Annuity |
169,438 |
74.48 |
9.04 |
97,113 |
(19.77) |
6.21 |
Total |
1,875,097 |
19.91 |
100.00 |
1,563,701 |
7.27 |
100.00 |
Data source: Taiwan Insurance Institute |
Life and Health insurance maintained high growth rates of 17.80% and 10.63% respectively, whereas Personal Accident insurance, following the entry of non-life insurers into this business, displayed a slight increase of 1.05% in 2005 and a slight decline of 0.51% in 2006 and a slight increase of 0.27% in 2007. Owing to the regulatorˇ¦s restriction on the upper limit of the declared interest rate, the premium income for Annuity insurance declined by 21.91% in 2005 and 19.77% in 2006. However, 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 ceased and achieved 74.48% growth to NT$169,438 million.
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