Page 19 - The Insurance Times August 2022

As per GlobalData, the growth will be such as railway projects, green energy, America’s PA&H insurance premiums.
driven by a strong real estate market, and urban and rural development Supported by the recovery in employ-
rising demand for health insurance projects will further support property ment, easing of travel restrictions, and
policies, and recovery in new vehicle insurance growth. double-digit enrolments in the Medic-
sales. aid program, which increased the de-
Personal accident and health (PA&H)
mand for PA&H policies. The US’s
Shabbir Ansari, Senior Insurance Ana- insurance was the third-largest line,
PA&H insurance industry grew by 5.3%
lyst at GlobalData, comments: “The accounting for a 11% share of general
in 2021.
general insurance industry in Taiwan is insurance premiums in 2021. The
expected to register a slower growth PA&H line registered 13.4% growth in Katam Prasanth, Insurance Analyst at
of 3.5% in 2022 after registering 2021. Increasing healthcare costs, and GlobalData, comments: “A prime focus
double-digit growth of 10.1% in 2021. a surge in health insurance demand area for PA&H insurers will be the
Sluggish growth in motor insurance, due to increased awareness supported changed abortion rules and regula-
which accounts for over 50% of the the growth of PA&H insurance. It is tions in North America following the
general insurance premiums, is ex- expected to grow at a CAGR of 5.1% US Supreme Court’s decision to over-
pected to impact the industry growth. during 2021-26. turn Roe v Wade. With 50% of the US
However, the industry is expected to states expected to enact the ruling,
Marine, aviation and transit (MAT),
recover from 2023 onwards and wit- insurers will have to amend their poli-
Miscellaneous, Liability and Financial
ness an upward growth trend sup- cies to accommodate this change.”
Lines insurance accounted for the re-
ported by the economic stability and
maining 18% share in 2021. The ruling will also have an impact on
recovery in vehicle sales.” both individual and corporate travel
Ansari concludes: “Taiwan’s general
Among the top general insurance lines policies as people will look to access
insurance industry is poised for consis-
in Taiwan, motor insurance was the out-of-state healthcare services. The
tent growth over the next five years,
largest with a 52.3% share in terms of full impact of the ruling is expected to
driven by motor and property lines.
GWP in 2021. Motor insurance is ex- be realized over the next year. Over-
The growth, however, might get over-
pected to remain sluggish in 2022 due all, the US PA&H insurance market is
shadowed by the economic uncertain-
to lower vehicle sales caused by sup- expected to grow at a CAGR of 5.2%
ties due to a potential global recession
ply chain disruptions arising from the over 2021–26.
and geopolitical instabilities.”
global automobile chip shortage. The
Prasanth continues: “Canada accounts
segment is expected to recover gradu- Personal accident and for a 1.6% share of the regional PA&H
ally from 2023 and grow at a CAGR of premiums. Rising healthcare costs
health insurance in North
4.7% during 2021-26, driven by a re-
have created demand for private insur-
covery in vehicle sales. America to reach $1.5 tril-
ance to supplement healthcare ser-
The proposed amendments to impose lion by 2026 vices not covered by public health
an additional fee for traffic violations schemes such as prescription drugs,
The personal accident and health
under the compulsory motor third-party dental, vision, and hospitalization.”
(PA&H) insurance industry written pre-
liability (MTPL) is expected to increase
mium sales in North America are pro- The growing popularity of packaged
premium rates, which will result in a
jected to grow from $1.2 trillion in plans covering multiple risks under one
higher motor insurance premium.
2021 to $1.5 trillion in 2026 at a com- plan is expected to emerge as a promi-
Property insurance was the second- pound annual growth rate (CAGR) of nent insurance driver. Over 2021–26,
largest line in Taiwan, accounting for 5.2%, backed by an increase in health the PA&H insurance market in Canada
a 18.7% share in terms of GWP in insurance awareness and rising is estimated to grow at a CAGR of 5.9%.
2021. Growing demand for residential healthcare costs, due to the COVID-19
Mexico accounted for the remaining
property aided by strong economic pandemic, found GlobalData.
1.4% share in the regional market. It
recovery and low interest rates will
The leading data and analytics is the fastest growing market with
support the growth of the property
company’s latest report, 'Personal Ac- 19.3% growth in 2021 as pandemic-
insurance. It is forecasted to grow at
cident and Health Insurance Market to driven insurance awareness helped in-
a CAGR of 6.2% over 2021-26.
2025’, found that the US is the leading crease health insurance demand. The
The government’s continued invest- and most advanced healthcare market industry is expected to grow at a CAGR
ments in large infrastructure projects globally and accounts for 97% of North of 8.1% over 2021–26.
The Insurance Times, August 2022 19