Consumers are embracing spillover insurance, as total premium income this year might surpass the number recorded last year, the Financial Supervisory Commission told a news conference in New Taipei City yesterday.
Spillover insurance policies, which were introduced in Taiwan in 2016, encourages clients to improve their health in return for a smaller premium or bonuses.
It was named after the “spillover effect,” which refers to events in one sector affecting events in another sector, the commission said.
Incentivized by lower fees, clients are willing to make changes to their lifestyles, and if they improve their health, then financial pressure on the National Health Insurance system would be reduced, the commission said.
Spillover insurance premiums reached NT$102.92 million (US$3.33 million) in the first 10 months of the year with 3,949 policies sold, the commission said.
As premiums have grown steadily since 2016, the number this year might surpass last year’s premiums totaling NT$114.26 million, an official said.
So far, the market has nine policies provided by five insurers, five of which are health insurance policies, while the other four offer rewards to clients for staying active, the commission said.
For the first 10 months, Cathay Life Insurance Co (國泰人壽) ranked first with premiums of NT$89.66 million, followed by Fubon Life Insurance Co (富邦人壽) with NT$5.17 million and Taiwan Life Insurance Co (台灣人壽保險) with NT$4.6 million, commission data showed.
Since 2016, cumulative premiums have reached NT$288 million with 4,4201 policies sold, the commission said, adding that while it is a low proportion of the insurance industry, it demonstrates potential.
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