First-year premium income from travel insurance policies sold online in the first half of this year jumped 42 percent annually to NT$162.6 million (US$5.23 million), as travelers sought better financial protection against labor disputes at the nation’s two major airlines, Financial Supervisory Commission (FSC) data showed.
The figure includes NT$103 million for travel insurance policies sold by non-life insurers, up 21 percent from a year earlier, and NT$59.6 million for travel safety policies sold by life insurers, up 102 percent, the data showed.
The number of travel insurance policies sold by non-life insurers increased 178 percent annually to 390,000 policies in the first half, while travel safety policies sold by life insurers rose 12 percent annually to 84,000 policies, they showed.
Consumers preferred travel polices offered by non-life insurers, as their coverage ranges from medical expenses, accidental death, lost luggage, trip interruption to flight delays longer than four or six hours, according to various companies’ Web sites.
By comparison, travel policies sold by life insurers only cover medical expenses and accidental death, although most of the polices provide higher compensation than those offered by non-life insurers, the Web sites showed.
First-year premiums “from travel insurance does not make up a big share of overall online sales of policies, as the amount of each travel policy is lower than other types of insurance,” Insurance Bureau Deputy Director-General Chang Yu-hui (張玉煇) told a news conference on Tuesday.
“However, travel insurance is one of the fastest-growing products sold online,” Chang said.
Buying insurance online is more convenient, faster and cheaper than buying them via conventional channels, the bureau said.
However, consumers have also become aware of the importance of seeking better protection for themselves against labor disputes at airlines, the bureau said.
China Airlines Ltd’s (CAL, 中華航空) pilots launched a strike in February and EVA Airways Corp’s (長榮航空) flight attendants launched a strike last month, it said.
To meet growing demand from consumers, insurers have launched new products and services, with Cathay Century Insurance Co (國泰世紀產險) in May offering new policies compensating consumers for delays up to NT$18,000 and Fubon Insurance Co (富邦產險) deploying artificial intelligence in customer service.
Besides the increasing popularity of travel insurance, online sales of personal injury insurance, compulsory automobile liability insurance and interest-sensitive annuity products also rose from a year earlier, the commission said.
The overall online sales of insurance policies surged 90 percent to N$2.3 billion in the first half, commission data showed.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees
GOGOROS TO GO: The scooter maker’s CEO said that the electric vehicles ‘are the perfect complement to a program designed to stimulate the Taiwanese economy’ Minister of Economic Affairs Wang Mei-hua (王美花) yesterday announced a draw to encourage people to claim their Triple Stimulus Vouchers digitally. The prizes include movie tickets and 25 electric scooters donated by Gogoro Inc (睿能創意), Wang said. The Ministry of Economic Affairs said that it would hold a scooter draw every day for the next 10 days, beginning yesterday, after which there would be a draw every week for 15 weeks. The first winner was a Taiwan Cooperative Bank (合庫銀行) credit card user, the ministry said. The benefits of claiming the vouchers digitally extend beyond the draws, with many businesses offering special deals for