In this study, we discuss the risk taking behavior between financial holding company and non-holding company in Taiwan insurance industry. This study adopts four different risk indicators, such as Fin_risk, Lev_risk, CV_ulev3 and CV_sol3, to analyze the risk taking behavior issue for Taiwan insurance industry. Using the data from 2002 to 2015 this study shows that the financial holding companies intend to take less risk than non-financial holding companies. It indicates that the survival issue is the key point of why non-financial holding companies intend to take more risk.