Tuesday, September 19, 2017

Taiwan’s insurance penetration is world’s highest

Latest data released by the Taiwanese government showed that the 18.9% insurance penetration in Taiwan is now the world’s highest, even surpassing the US and Japan, two of the world’s biggest markets in terms of revenue.

According to the accounting and statistics department of Taiwan’s Directorate-General of Budget, the country’s high insurance penetration rate demonstrates the popularity of insurance products among the Taiwanese public.

Hong Kong’s 12.4% insurance penetration is the world’s second-highest while South Korea’s 11.3% was fourth.

Insurance penetration rate measures the share of insurance revenues as a proportion of a country’s overall gross domestic product.

In terms of insurance density, which is the average per capita insurance expense, Taiwan ranks ninth globally while Sweden takes the top spot.

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