Taiwan insurance to top $145b by 2036

The market ranks second only to Hong Kong in Asia for insurance penetration at 10.1% of GDP.

Taiwan’s insurance premiums are forecast to reach $145.0b (EUR127.2b) by 2036, bolstered by its life insurance market.

Allianz Research’s Global Insurance Report 2026 showed that Taiwan’s life insurance sector accounts for $101.7b (EUR89.2b), followed by $24.6b (EUR21.6b) in health insurance and $18.7b (EUR16.4b) in P&C insurance.

Taiwan continues to rank amongst Asia’s most developed insurance markets, with insurance premiums equivalent to 10.1% of gross domestic product (GDP) in 2025.

The report said Taiwan stands out in the region for both insurance penetration and spending, even as Asia remains the fastest-growing insurance market globally.

Taiwan’s insurance penetration is second only to Hong Kong in Asia, ahead of South Korea, Singapore, Japan and China.

Taiwan recorded total premiums of $89.9b (EUR78.9b) in 2025, comprising $64.0b (EUR56.1b) in life insurance, $14.8b (EUR13.0b) in health insurance and $11.2b (EUR9.8b) in property and casualty (P&C) insurance.

On a per capita basis, insurance spending reached about $3,889 (EUR3,412), including $2,768 (EUR2,428) for life insurance, $638 (EUR560) for health insurance and $483 (EUR424) for P&C cover.

Allianz said Taiwan is also one of the few markets in Asia where private health insurance penetration exceeds 1% of GDP, at 1.7%.

Across most Asian economies, health insurance penetration remains below 1%, highlighting Taiwan’s relatively mature market.

The report noted that Asia remains the insurance industry's main long-term growth engine despite slower growth in China.

Excluding China and Japan, insurance premiums across Asia grew 10.9% in 2025, more than double the region's long-term average growth of 4.9% and faster than North America and Western Europe.

In life insurance, Allianz said Asia remains the world's largest market, supported by ageing populations and greater reliance on private retirement savings.

Taiwan was cited alongside South Korea and Singapore as one of the advanced Asian markets with strong life insurance penetration, at 7.2% of GDP.

Health insurance is expected to remain the industry's fastest-growing segment globally, expanding 6.7% annually over the next decade. 

Allianz said demand across Asia continues to grow as healthcare costs rise and consumers seek greater private protection, although many markets in the region remain underinsured.

Despite Asia's strong outlook, Allianz said insurance growth will increasingly be led by emerging markets.

China is expected to remain the region's largest insurance market, whilst India is forecast to be the fastest-growing major market over the next decade, with annual premium growth of about 10.5%.

More than half of the $6.0t (EUR5.26t) expected increase in global insurance premiums by 2036 is projected to come from Asia, including China.

Globally, insurance premiums rose 7.1% to $7.9t (EUR6.9t) in 2025, adding $519.8b (EUR456b) to the global premium pool.

Allianz expects the global insurance market to grow by an average of 5.3% a year over the next decade, driven by rising demand for health, life and retirement protection, with Asia remaining the main source of future growth.

($1.00= EUR0.87)