Taiwan’s FSC approves 197 spillover-effect insurance products from 13 insurers

These products accumulated 846,835 new contracts.

The Financial Services Commission (FSC) of Taiwan approved or accepted registrations for 197 spillover-effect insurance products from 13 life insurance companies during the third quarter (Q3) of the year.

These products garnered 846,835 new contracts, marking a 5% fall from the 894,728 contracts in Q3 2022.

The first-year premium income reached NT$16.4b, reflecting a 48% increase compared to NT$11.1b in Q3 2022.

ALSO READ: Taiwan’s non-life operating performance ‘likely’ to stay afloat in 2023: AM Best

Additionally, the FSC approved or accepted registrations for 44 in-kind payment insurance products from 6 life insurance companies.

These products generated 198,847 new contracts, indicating a 19% increase from the 167,349 contracts last year.

The first-year premium income amounted to NT$2.7b, showing an 8% rise from NT$2.5b in Q3 2022.

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