Total premiums of spillover insurance policies last year totaled a record NT$10.9 billion (US$389 million), 3.7 times higher than in 2020, data released last week by the Financial Supervisory Commission (FSC) showed.
A “spillover” insurance policy is named after the spillover effect that occurs when events in one sector affect events in another, such as when policyholders are granted a premium reduction or bonus after improving their health.
Last year, 668,166 spillover insurance policies were sold, 2.2 times higher than in 2020, FSC data showed.
“Walker policies,” which give policyholders a bonus for practicing a walking regimen, continued to dominate the market, with premiums of NT$6.2 billion, FSC data showed.
“Health check policies,” which show the policyholders’ health examination results, but do not reward them for walking regularly, ranked second with premiums of NT$2.1 billion, while policies with in-kind benefits came third with premiums of NT$625 million, FSC data showed.
Growth in the sales of spillover insurance products reflected that life insurance companies last year launched more new products featuring rewards to attract customers, the commission said.
Sales also increased as more people wanted to increase their health coverage amid the COVID-19 pandemic, it added.
Last year, nine insurers launched 101 spillover insurance policies, about double the number in 2020, FSC data showed.
Cathay Life Insurance Co (國泰人壽) reported premiums of NT$5.8 billion from spillover policies, followed by Nan Shan Life Insurance Co’s (南山人壽) NT$2.45 billion and Fubon Life Insurance Co’s (富邦人壽) NT$1.32 billion, FSC data showed.
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