The number of spillover insurance policies sold from January to September totaled 28,383, 8.4 times higher year-on-year, the commission said. There are 23 spillover insurance products on the market offered by eight life insurers as of the end of September, Insurance Bureau Deputy Director-General Chang Yu-hui (張玉輝) said. Spillover insurance policies, which were introduced in Taiwan in 2016, have become more popular among consumers, who have found the benefits offered by insurance companies attractive, Chang said. This means they might gain compensation of up to NT$1.03 million, even though their original coverage limit is NT$1 million, she added. While it remains unknown how profitable spillover insurance products will be, as they were just launched, Cathay Life said that it expects to see the claim rate drop, as policyholders remain healthier when they walk enough.

Source: Taipei Times November 07, 2019 16:00 UTC