1© This is a licensed product of Ken Research and should not be copied
2© This is a licensed product of Ken Research and should not be copiedTABLE OF CONTENTS1. Asia-Pacific Insurance Industry1...
3© This is a licensed product of Ken Research and should not be copied6.1.4. Taiwan Automobile insurance Market Future Out...
4© This is a licensed product of Ken Research and should not be copied9.1. Cause and Effect Relationship Between Dependent...
5© This is a licensed product of Ken Research and should not be copied12.2. GDP of Taiwan, 2005-201612.3. Healthcare Expen...
6© This is a licensed product of Ken Research and should not be copiedLIST OF FIGURESFigure 1: Asia-Pacific Insurance Mark...
7© This is a licensed product of Ken Research and should not be copiedFigure 16: Taiwan Property and Casualty Market Size ...
8© This is a licensed product of Ken Research and should not be copiedFigure 33: Healthcare Expenditure of Taiwan in USD M...
9© This is a licensed product of Ken Research and should not be copiedTable 13: Taiwan Property and Casualty Insurance Mar...
10© This is a licensed product of Ken Research and should not be copiedASIA-PACIFIC INSURANCE MARKET SIZE BY DIRECT WRITTE...
11© This is a licensed product of Ken Research and should not be copiedChina insurance industry is one ofthe predominant m...
12© This is a licensed product of Ken Research and should not be copiedNewZealandPhilippinesVietnamPakistanKazakhstanBangl...
13© This is a licensed product of Ken Research and should not be copiedTAIWAN LIFE INSURANCE MARKETLIFE INSURANCE SEGMENTA...
14© This is a licensed product of Ken Research and should not be copiedTable: Taiwan life Insurance Market Segmentation by...
15© This is a licensed product of Ken Research and should not be copiedTable: Market Share of Major Life Insurers on the B...
16© This is a licensed product of Ken Research and should not be copiedFigure: Taiwan Non Life Insurance Market Size on th...
17© This is a licensed product of Ken Research and should not be copiedFigure: Taiwan Automobile Insurance Market Size on ...
18© This is a licensed product of Ken Research and should not be copiedTable: Taiwan Property and Casualty Insurance Marke...
19© This is a licensed product of Ken Research and should not be copiedTable: Asia-Pacific Insurance Market Projections by...
20© This is a licensed product of Ken Research and should not be copiedTAIWAN INSURANCE INDUSTRY FUTUREPROJECTIONS, 2013-2...
21© This is a licensed product of Ken Research and should not be copiedCAUSE AND EFFECT RELATIONSHIP BETWEEN DEPENDENT AND...
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Taiwan insurance market outlook to 2016 sample report

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Future Growth Led by increasing awareness among the people, liberalization policies of the government, improving the economy and tendency of wealth accumulation

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Taiwan insurance market outlook to 2016 sample report

  1. 1. 1© This is a licensed product of Ken Research and should not be copied
  2. 2. 2© This is a licensed product of Ken Research and should not be copiedTABLE OF CONTENTS1. Asia-Pacific Insurance Industry1.1. Industry Introduction1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P1.3. Asia-Pacific Insurance Market Segmentation1.3.1. By Geography, 2005-2012P1.3.2. By Life and Non Life, 2005-2012P2. Taiwan Insurance Industry2.1. Taiwan Insurance Value Chain2.2. Taiwan Insurance Market Size by Direct Written Premium, 2005-2012P3. Taiwan Insurance Government Regulations4. Taiwan Life Insurance Market4.1. Taiwan Life Insurance Market Size, 2005-2012P4.2. Life Insurance Segmentation, 2005-2012P4.3. Market Share of Major Life Insurers in Taiwan, 20114.4. Taiwan Life Insurance Distribution Channel, 2009-20114.5. Taiwan Life Insurance Market Future Outlook and Projection, 2013-20165. Taiwan Non-Life Insurance Market5.1. Taiwan Non-Life Insurance Market Size, 2005-2012P5.2. Market Share of Major Non Life Insurers in Taiwan, 20115.3. Taiwan Non-Life Insurance Market Future Outlook and Projection, 2013-20166. Non-Life Insurance Segmentation, 2005-2012P6.1. Taiwan Automobile Insurance Industry6.1.1. Taiwan Automobile Insurance Market Size, 2005-2012P6.1.2. Automobile Insurance Segmentation, 2005-2012P6.1.3. Market Share of Major Automobile Insurers in Taiwan, 2011
  3. 3. 3© This is a licensed product of Ken Research and should not be copied6.1.4. Taiwan Automobile insurance Market Future Outlook and Projection, 2013-20166.2. Taiwan Property and Casualty Insurance Industry6.2.1. Taiwan Property and Casulaty Insurance Market Size, 2005-2012P6.2.2. Property and Casualty Insurance Segmentation, 2005-2012P6.2.3. Market Share of Major Property and Casulaty Insurers in Taiwan, 20116.2.4. Taiwan Property and Casualty insurance Market Future Outlook and Projection, 2013-20166.3. Taiwan Fire Insurance Industry6.3.1. Taiwan Fire Insurance Market Size, 2005-2012P6.3.2. Taiwan Fire Insurance Market Future Outlook and Projection, 2013-20166.4. Taiwan Marine Insurance Industry6.4.1. Taiwan Marine Insurance Market Size, 2005-2012P6.4.2. Marine Insurance Segmentation, 2005-2012P6.4.3. Taiwan Marine insurance Market Future Outlook and Projection, 2013-20166.5. Taiwan Aviation Insurance Industry6.5.1. Taiwan Aviation Insurance Market Size, 2005-2012P6.5.2. Taiwan Aviation Insurance Market Future Outlook and Projection, 2013-20167. Taiwan Insurance Industry Trends and DevelopmentsEmergence of New Distribution ChannelRising Merger, Acquisitions and Joint VentureRising Affluent Middle ClassIncreasing Cyber Risk Insurance Need8. Asia-Pacific Insurance Industry Future Outlook8.1. Asia-Pacific Insurance Industry Future Projections8.1.1. By Geography, 2013-20169. Taiwan Insurance Industry Future Projections, 2013-2016
  4. 4. 4© This is a licensed product of Ken Research and should not be copied9.1. Cause and Effect Relationship Between Dependent and Independent Factors Prevailing inTaiwan Insurance Market10. Company Profile of Major Players in Taiwan Life Insurance Industry10.1. Cathay Life10.1.1. Company Profile10.1.2. Business Strategies10.1.3. Financial Performance10.2. Fubon Life10.2.1. Company Profile10.2.2. Business Strategies10.2.3. Financial Performance10.3. Nan Shan Life10.3.1. Company Profile10.3.2. Business Strategies10.3.3. Financial Performance11. Company Profile of Major Players in Taiwan Non-Life Insurance Industry11.1. Shinkong Insurance11.1.1. Company Profile11.1.2. Business Strategies11.1.3. Financial Performance11.2. MSIG Mingtai Insurance11.2.1. Company Profile11.2.2. Business Strategies11.2.3. Financial Performance12. Taiwan Insurance Industry Macro-Economic Indicators: Historical and Projections12.1. Taiwan Population, 2005-2016
  5. 5. 5© This is a licensed product of Ken Research and should not be copied12.2. GDP of Taiwan, 2005-201612.3. Healthcare Expenditure of Taiwan, 2005-201612.4. Total number of Vehicle in Use in Taiwan, 2005-201613. Appendix13.1. Market Definitions13.2. Abbreviations13.3. Research MethodologyData Collection MethodsApproachVariables (Dependent and Independent)Multi Factor Based Sensitivity ModelFinal Conclusion13.4. Disclaimer
  6. 6. 6© This is a licensed product of Ken Research and should not be copiedLIST OF FIGURESFigure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USDMillion, 2005-2012PFigure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis ofDirect Written Premium in Percentage, 2005-2012PFigure 3: Insurance Value ChainFigure 4: Taiwan Insurance Market Size on the Basis of Direct Written Premium in USDMillion, 2005-2012PFigure 5: Taiwan Life Insurance Market Size on the Basis of Direct Written Premium in USDMillion, 2005-2012PFigure 6: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis of DirectWritten Premium in Percentage, 2005-2012PFigure 7: Market Share of Major Life Insurers on the Basis of Direct Written Premium inPercentage, 2011Figure 8: Taiwan Life Insurance Distribution Channel by Banks, Solicitors and Others on theBasis of Direct Written Premium in Percentage, 2009-2011Figure 9: Taiwan Non Life Insurance Market Size on the Basis of Direct Written Premium inUSD Million, 2005-2012PFigure 10: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium inPercentage, 2011Figure 11: Taiwan Non life Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, 2013-2016Figure 12: Taiwan Non life Insurance Market Segmentation by Health, Accident, Automobile,Fire, Marine, Aviation and Property and Casualty on the Basis of Direct Written Premium inPercentage, 2005-2012PFigure 13: Taiwan Automobile Insurance Market Size on the Basis of Direct Written Premium inUSD Million, 2005-2012PFigure 14: Taiwan Automobile Insurance Market Segmentation by Voluntary and CompulsoryMotor Liability Insurance on the Basis of Direct Written Premium in Percentage, 2005-2012PFigure 15: Market Share of Major Automobile Insurers on the Basis of Direct Written Premiumin Percentage, 2011
  7. 7. 7© This is a licensed product of Ken Research and should not be copiedFigure 16: Taiwan Property and Casualty Market Size on the Basis of Direct Written Premium inUSD Million, 2005-2012PFigure 17: Taiwan Property and Casualty Insurance Market Segmentation by Accident, Liability,Engineering, Credit, Health and Others on the Basis of Direct Written Premium in Percentage,2005-2012PFigure 18: Market Share of Major Property and Casualty Insurers on the Basis of Direct WrittenPremium in Percentage, 2011Figure 19: Taiwan Fire Insurance Market Size on the Basis of Direct Written Premium in USDMillion, 2005-2012PFigure 20: Taiwan Fire Insurance Market Projections on the Basis of Direct Written Premium inUSD Million, 2013-2016Figure 21: Taiwan Marine Insurance Market Size on the Basis of Direct Written Premium inUSD Million, 2005-2012PFigure 22: Taiwan Marine Insurance Market Segmentation by Marine Cargo, Marine Hull andFishing Vessel on the Basis of Direct Written Premium in Percentage, 2005-2012PFigure 23: Taiwan Aviation Insurance Market Size on the Basis of Direct Written Premium inUSD Million, 2005-2012PFigure 24: Taiwan Aviation Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, 2013-2016Figure 25: Taiwan Insurance Market Projections on the Basis of Direct Written Premium in USDMillion, 2013-2016Figure 26: Taiwan Life Insurance Premium Income of Cathay Life Insurance in USD Million,2005-2011Figure 27: Taiwan Life Insurance Premium Income of Fubon Life Insurance in USD Million,2005-2011Figure 28: Taiwan Life Insurance Premium Income of Nan Shan Life Insurance in USD Million,2005-2011Figure 29: Taiwan Non-Life Insurance Direct Written Premium of Shinkong Insurance in USDMillion, 2005-2011Figure 30: Taiwan Non-Life Insurance Direct Written Premium of MSIG Mingtai Insurance inUSD Million, 2005-2011Figure 31: Taiwan Population in Million, 2005-2016Figure 32: GDP of Taiwan in USD Million, 2005-2016
  8. 8. 8© This is a licensed product of Ken Research and should not be copiedFigure 33: Healthcare Expenditure of Taiwan in USD Million, 2005-2016Figure 34: Total Number of Vehicle in Use in Taiwan in Million, 2005-2016LIST OF TABLESTable 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of DirectWritten Premium in USD Billion, 2005-2012PTable 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis ofDirect Written Premium in USD Billion, 2005-2012PTable 3: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis of DirectWritten Premium in USD Million, 2005-2011Table 4: Market Share of Major Life Insurers on the Basis of Direct Written Premium in USDMillion, 2011Table 5: Taiwan Life Insurance Distribution Channel by Banks, Solicitors and Others on theBasis of Direct Written Premium in USD Million, 2009-2011Table 6: Taiwan Life Insurance Market Projections on the Basis of Direct Written Premium inUSD Million, 2013-2016Table 7: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium inUSD Million, 2011Table 8: Taiwan Automobile Insurance Market Segmentation by Voluntary and CompulsoryMotor Liability Insurance on the Basis of Direct Written Premium in USD Million, 2005-2012PTable 9: Market Share of Major Automobile Insurers on the Basis of Direct Written Premium inUSD Million, 2011Table 10: Taiwan Automobile Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, 2013-2016Table 11: Taiwan Property and Casualty Insurance Market Segmentation by Accident, Liability,Engineering, Credit, Health and Others on the Basis of Direct Written Premium in USD Million,2005-2012PTable 12: Market Share of Major Property and Casualty Insurers on the Basis of Direct WrittenPremium in USD Million, 2011
  9. 9. 9© This is a licensed product of Ken Research and should not be copiedTable 13: Taiwan Property and Casualty Insurance Market Projections on the Basis of DirectWritten Premium in USD Million, 2013-2016Table 14: Taiwan Marine Insurance Market Segmentation by Marine Cargo, Marine Hull andFishing Vessel on the Basis of Direct Written Premium in USD Million, 2005-2012PTable 15: Taiwan Marine Insurance Market Projections on the Basis of Direct Written Premiumin USD Million, 2013-2016Table 16: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct WrittenPremium in USD Million, 2013-2016Table 17: Cause and Effect Relationship Analysis between Industry Factors and ExpectedIndustry Prospects of Taiwan Insurance MarketTable 18: Correlation Matrix of Taiwan Insurance IndustryTable 19: Regression Coefficients Output of Taiwan Insurance Industry
  10. 10. 10© This is a licensed product of Ken Research and should not be copiedASIA-PACIFIC INSURANCE MARKET SIZE BY DIRECT WRITTENPREMIUM, 2005-2012PThe insurance market in Asia-Pacific region has grown remarkably over the past few years dueto the growth in the emerging market such as China, Japan, India, Australia, Taiwan and SouthKorea. The countries in the Asia-Pacific region are at different stages of economic developmentunlike the European countries and the US which has created significant opportunities for theinsurers in the region in order to serve the financial needs of the customers. The market in theregion has grown at a CAGR of 11.9% from USD ~ million in 2005 to USD ~million in 2012…Figure: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium inUSD Million, 2005-2012P0.02,00,000.04,00,000.06,00,000.08,00,000.010,00,000.012,00,000.014,00,000.016,00,000.02005 2006 2007 2008 2009 2010 2011 2012PUSDMillion
  11. 11. 11© This is a licensed product of Ken Research and should not be copiedChina insurance industry is one ofthe predominant markets in theinsurance industry in the Asia-Pacific region with a contributionof ~% of the direct writtenpremium in the region in 2012.ASIA-PACIFIC INSURANCE MARKET SEGMENTATIONBY GEOGRAPHY, 2005-2012PAsia-Pacific insurance industry is majorly contributed by 6 major countries such as Japan, China,South Korea, Taiwan, India and Australia with the share of ~% in 2012. Japan insurance marketis the second largest in the world with the contribution ofmore than ~% in 2012…. China insurance industry is oneof the predominant markets in the insurance industry in theAsia-Pacific region with a contribution of ~% of the directwritten premium in the region in 2012…South Korea is the third largest market with a contributionof ~% in 2012. The country insurance sector is morecomplicated with limited growth opportunities in comparison with the growing market in theregion such as China and India…Table: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of DirectWritten Premium in USD Billion, 2005-2012PCountries 2005 2006 2007 2008 2009 2010 2011 2012PJapanChinaSouthKoreaTaiwanIndiaAustraliaHongKongSingaporeThailandMalaysiaIndonesia
  12. 12. 12© This is a licensed product of Ken Research and should not be copiedNewZealandPhilippinesVietnamPakistanKazakhstanBangladeshSri LankaTotalTAIWAN INSURANCE INDUSTRYTAIWAN INSURANCE MARKET SIZE BY DIRECT WRITTENPREMIUM, 2005-2012P…In 2011, there were ~ insurance companies in Taiwan of which ~ were life insurancecompanies and ~ were non life insurance players. In ~ life insurance marketers, ~ were domesticcompanies while ~ were branches of foreign companies. The ~ general insurance companiesinclude ~ domestic and ~ foreign companies...Figure: Taiwan Insurance Market Size on the Basis of Direct Written Premium in USDMillion, 2005-2012PNote:-Life Insurance is in Premium Income; Non-Life Insurance is in Direct Written Premium0.010,000.020,000.030,000.040,000.050,000.060,000.070,000.080,000.02005 2006 2007 2008 2009 2010 2011 2012PUSDMillion
  13. 13. 13© This is a licensed product of Ken Research and should not be copiedTAIWAN LIFE INSURANCE MARKETLIFE INSURANCE SEGMENTATION, 2005-2012P….The country’s graying population has driven the growth of annuity insurance business whileshort term variable annuity have become of the most popular products in 2010. In 2010, theannuity insurance market has recorded direct written premium of USD ~ million with aspectacular growth of ~% over 2009. In 2011, the market has suffered a decline of ~% to USD ~million on account of negative impact of surrender fee and decrease rate on short term variableannuities by Taiwan chief market regulator and Financial Supervisory Commission (FSC) inorder to reduce the sales.Figure: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis ofDirect Written Premium in Percentage, 2005-2012PNote:-Life Insurance is in Premium Income0.00.20.40.60.81.01.22005 2006 2007 2008 2009 2010 2011 2012PInPercentageAnnuity Life
  14. 14. 14© This is a licensed product of Ken Research and should not be copiedTable: Taiwan life Insurance Market Segmentation by Life and Annuity on the Basis ofDirect Written Premium in USD Million, 2005-2011Segments 2005 2006 2007 2008 2009 2010 2011 2012PLifeAnnuityTotalNote:-Life Insurance is in Premium IncomeMARKET SHARE OF MAJOR LIFE INSURERS IN TAIWAN, 2011Taiwan life insurance industry is dominated by top 5 players such as Cathay life, Fubon life, NanShan Life, Chunghwa Post and Shin Kong life contribute around ~% in 2011.Cathay life is the leading life insurance player in the country with the share of ~% and the directwritten premium of USD ~ million in 2011…Figure: Market Share of Major Life Insurers on the Basis of Direct Written Premium inPercentage, 2011Cathey LifeFubon LifeNan Shan LifeChunghwa PostShin Kong LifeChina LifeMassMutual MercuriesOthers
  15. 15. 15© This is a licensed product of Ken Research and should not be copiedTable: Market Share of Major Life Insurers on the Basis of Direct Written Premium inUSD Million, 2011Players 2011Cathay LifeFubon LifeNan Shan LifeChunghwa PostShin Kong LifeChina LifeMassMutual MercuriesOthersTotalTAIWAN NON-LIFE INSURANCE MARKETTAIWAN NON-LIFE INSURANCE MARKET SIZE, 2005-2012P…In 2011, Taiwan general insurance industry has experienced a growth of ~% with the directwritten premium of USD ~ million in 2011 in comparison to USD ~ million in 2010…
  16. 16. 16© This is a licensed product of Ken Research and should not be copiedFigure: Taiwan Non Life Insurance Market Size on the Basis of Direct Written Premium inUSD Million, 2005-2012PTAIWAN AUTOMOBILE INSURANCE INDUSTRYTAIWAN AUTOMOBILE INSURANCE MARKET SIZE, 2005-2012PTaiwan automobile insurance industry is leading market in the general insurance industry withthe share of ~% in 2012. The market has experienced a growth of ~% from USD ~ million in2010 to USD ~ million in 2011 on account of rising sales of motor vehicles in the country. In2011, Taiwan has witness a growth of ~% in the number of vehicles in use from ~ million in2010 to ~ million in 2011...0.0500.01,000.01,500.02,000.02,500.03,000.03,500.04,000.04,500.02005 2006 2007 2008 2009 2010 2011 2012PUSDMillion
  17. 17. 17© This is a licensed product of Ken Research and should not be copiedFigure: Taiwan Automobile Insurance Market Size on the Basis of Direct WrittenPremium in USD Million, 2005-2012PTAIWAN PROPERTY AND CASUALTY INSURANCEINDUSTRYTAIWAN PROPERTY AND CASUALTY INSURANCE MARKETFUTURE OUTLOOK AND PROJECTION, 2013-2016The property and casualty insurance industry in Taiwan is one of the growing markets with aCAGR of 7.3% from 2013-2016. The industry is expected to witness growth of ~% in 2012 over2012 and is anticipated to record direct written premium of USD ~ million in 2013….The country has experienced a slight increase in the population from ~ million in 2005 to ~million in 2011 but this growth is mainly influenced by the longer national life expectancy. Thebirth rate of Taiwan has felled from ~ per 1,000 population in 2005 to ~ per 1,000 population in2011. This has led the ageing population of the country to increase and is expected that the ageover 65 population will account more than ~% of the population in 2020…0.0500.01,000.01,500.02,000.02,500.02005 2006 2007 2008 2009 2010 2011 2012PUSDMillion
  18. 18. 18© This is a licensed product of Ken Research and should not be copiedTable: Taiwan Property and Casualty Insurance Market Projections on the Basis of DirectWritten Premium in USD Million, 2013-2016Segments 2013 2014 2015 2016AccidentLiabilityEngineeringCreditHealthOthersTotalASIA-PACIFIC INSURANCE INDUSTRY FUTUREOUTLOOK….Overall, the market of the Asia-Pacific insurance is expected to grow at a CAGR of 11.2%from 2013-2016. The market in the near future is expected to witness consolidation and highercompetition level with the entrance of more global players in the market…ASIA-PACIFIC INSURANCE INDUSTRY FUTURE PROJECTIONSBY GEOGRAPHY, 2013-2016The Asia-Pacific Insurance industry is expected to grow at a CAGR of 11.2% from 2013-2016on account of rising population in the emerging market of Asia such as India and China. It isanticipated that the total direct written premium of the insurance products will increase to USD ~million in 2016 from USD ~ million in 2012.
  19. 19. 19© This is a licensed product of Ken Research and should not be copiedTable: Asia-Pacific Insurance Market Projections by Countries on the Basis of DirectWritten Premium in USD Million, 2013-2016Countries 2013 2014 2015 2016JapanChinaSouth KoreaTaiwanIndiaAustraliaHong KongSingaporeThailandMalaysiaIndonesiaNew ZealandPhilippinesVietnamPakistanKazakhstanBangladeshSri LankaTotal
  20. 20. 20© This is a licensed product of Ken Research and should not be copiedTAIWAN INSURANCE INDUSTRY FUTUREPROJECTIONS, 2013-2016Under the base case scenario analysis, Taiwan insurance market is expected to grow at a CAGRof 8.7% in the next four years and is predicted to record direct written premium of USD ~million in 2016….The conservative case scenario analysis assumes that the insurance market of the country isanticipated to grow at a marginal CAGR of 2.5% from 2013-2016 in comparison to the historicalyears…The best case scenario analysis predicts that the market will record a direct written premium ofUSD ~ million in 2016. The insurance market of Taiwan is also anticipated to grow at a CAGRof ~% from 2013-2016….Figure: Taiwan Insurance Market Projections on the Basis of Direct Written Premium inUSD Million, 2013-20160.020,000.040,000.060,000.080,000.01,00,000.01,20,000.01,40,000.0FY2013 FY2014 FY2015 FY2016USDMillionWorst Case Base Case Best Case
  21. 21. 21© This is a licensed product of Ken Research and should not be copiedCAUSE AND EFFECT RELATIONSHIP BETWEEN DEPENDENT ANDINDEPENDENT FACTORS PREVAILING IN TAIWAN INSURANCEMARKETTable: Cause and Effect Relationship Analysis between Industry Factors and ExpectedIndustry Prospects of Taiwan Insurance MarketIndustry Factors Market Impact CommentsStrict GovernmentRegulations andSupport Cause: Positive Effect: Negative Effect:IncreasingPopulation  Cause: Effect:IncreasingConsumerSpending Cause: Effect:Increasing numberof catastropheevents Cause: Positive Effect: Negative Effect:DISCLAIMERNo part of this manual or any material appearing may be reproduced, stored in or transmittedon any other Web site without written permission of Ken Research and any payments of aspecified fee. Requests to republish any material may be sent to us.

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