By Kao Shih-ching / Staff Reporter
Sales of fallout insurance policies in the first quarter increased 242% from the same period last year to NT$3.25 billion ($110.24 million), type policies fastest-growing “walker,” according to data from the Financial Supervisory Commission on Thursday.
The policies are named after the ripple effect, when events in one sector affect another, such as when policyholders receive a premium reduction or bonus after improving their health.
In the first quarter, 219,101 fallout insurance policies were sold, up 85% from a year earlier, according to commission data.
Among them, 51,775 “walker policies”, which offer a premium for joining a walking plan, were sold in the first quarter, up 207% from the previous year, generating premiums of 1, NT$77 billion, according to the data.
Walker policies continued to lead the market with a 53% market share, ahead of a 21% market share for health check policies, according to the data.
Health check policies, which reward policyholders for showing good health screening results, brought in premiums of NT$697 million, the data showed.
Cathay Life Insurance Co (國泰人壽), Nan Shan Life Insurance Co (南山人壽) and Shin Kong Life Insurance Co (新光人壽) were the three largest providers of fallout insurance products, the commission said.
Separately, the combined pre-tax profits of local life insurance companies in the first quarter fell 25% from a year earlier to NT$128.8 billion due to lower 9% of investment gains, based on commission data.
While life insurers realized foreign exchange gains of NT$23.2 billion in the first quarter, their investment gains fell to NT$354.4 billion from NT$389.9 billion a year earlier. early, under pressure from declining stock and bond values amid market swings, the commission said.
The combined book value of life insurers fell 8.4% year-on-year to NT$2.19 trillion at the end of last month, the data showed.
Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. The final decision will be at the discretion of The Taipei Times.