First-year premium income from online insurance polices sold in January skyrocketed 115 percent year-on-year, as insurers’ new product designs and improved user experience begin to bear fruit, the Financial Supervisory Commission (FSC) said yesterday.
“As it is usually more convenient, faster and costs less to purchase insurance online than buying from conventional channels, local consumers are getting used to buying insurance online,” Insurance Bureau Deputy Director-General Chang Yu-hui (張玉煇) told a news conference.
Online policy sales by 17 life insurers in January totaled NT$202.5 million (US$6.55 million), with 37,657 policies sold, Chang said.
Interest-sensitive annuity was the most popular product, generating revenue of NT$191 million, as its returns are usually higher than that of bank deposits, but it bears less risk than investment-linked insurance, the commission said.
Travel accident insurance ranked second in terms of popularity, generating NT$9.1 million over the period, followed by NT$880,000 made from endowment assurance, commission data showed.
Endowment assurance pays the full sum assured to the beneficiaries if the insured dies during the policy term, or to the insured if they survive, it said.
Cathay Life Insurance Co (國泰人壽) was the most successful, reporting sales totaling NT$76.23 million, followed by Fubon Life Insurance Co’s (富邦人壽) revenue of NT$73.44 million and Taiwan Life Insurance Co (台灣人壽保險), which booked sales of NT$21.6 million, the commission said.
Fifteen property insurers sold a total of 79,442 policies, generating NT$111.36 million in premiums, with automobile policy premiums totaling NT$58.72 million, motorcycle policy premiums totaling NT$26.25 million and travel accident insurance policy premiums tallying NT$24.49 million, it said.
Fubon Life led the way in terms of revenue with NT$40.34 million, followed by the NT$23.25 million reported by Tokio Marine Newa Insurance Corp (新安東京海上產險) and MSIG Mingtai Insurance Co’s (明台產險) NT$11.62 million, it added.
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