The Taiwan Financial Services Commission published fourth-quarter 2024 figures on life insurers’ sales of “spillover-effect” insurance products and insurance products offering in-kind payments, showing continued growth in spillover-effect products alongside a contraction in in-kind offerings. For spillover-effect insurance, the FSC had approved or accepted registrations for 245 products from 15 life insurers. New contracts totalled 1,195,985 as of Q4 2024, up 6% from 1,129,046 in Q4 2023, while first-year premium income rose 34% to TWD 27,748.63 million from TWD 20,748.19 million. For in-kind payment insurance, the FSC had approved or accepted registrations for 48 products from 7 life insurers. New contracts totalled 261,115, down 7% from 281,200, and first-year premium income fell 52% to TWD 1,736.70 million from TWD 3,583.87 million.
Taiwan Financial Services Commission 2025-01-21
Taiwan Financial Services Commission reports Q4 2024 growth in spillover-effect insurance sales and a sharp drop in in-kind payment products
The Taiwan Financial Services Commission reported Q4 2024 data showing growth in spillover-effect insurance products, with new contracts rising 6% and first-year premium income increasing 34% to TWD 27,748.63 million. In contrast, in-kind payment insurance products saw a 7% decline in new contracts and a 52% drop in first-year premium income to TWD 1,736.70 million.