Non-life market shrinks 8% in three years

Market profitability halved in 2008 and is one-third of the profit recorded in 2004

Taiwan’s non-life insurance market recorded its third year of decline in gross written premiums in 2008 with a drop of 4.3% to NT$107.74bn (US$3.27bn), according to the latest data released by the Taiwan Non-Life Insurance Institute. The decline in economic growth – down from 5.7% in 2007 to 1.9% in 2008 – has been blamed for the impact on insurance business.