The end of the COVID-19 pandemic has seen a boom in the travel industry, which in turn has boosted online travel insurance sales for life and property insurance branches in the first quarter of this year.
Data from the Financial Regulatory Commission and Insurance Regulatory Bureau show that the sales volume of travel insurance policies and premium income in the first quarter of 2023 will increase by 10 times and 15 times respectively compared with the first three months of 2022. Travel insurance ranks the third largest online insurance type in property insurance, and life insurance ranks first.
overall online sales
In the first quarter of this year, the total number of new policies sold online was 1.39 million, a year-on-year increase of 7.2%. Their premiums fell 7 percent to NT$1.008 billion ($32.7 million).
Among them, the number of new policies sold online in the life insurance market was 178,200, a nearly three-fold increase from the first quarter of 2022. Premium income from new policies increased by 3.5% to NT$117 million.
In the field of property insurance, 1,214,700 new online insurance policies will be reimbursed in the first quarter of 2023, a decrease of 3% compared to the same quarter of 2022, and new insurance premium income will be NT$891 million, a decrease of 8.2%. The decline in online property insurance sales was due to the termination of COVID-related policy sales.
In the first quarter of this year, the top three insurance companies in terms of online sales were Cathay Life, China Life and Taiwan Life in the life insurance sector, and Fubon Insurance, Tokio Marine Xinhua Insurance and Cathay Insurance in the property insurance sector.
The details of online sales of travel insurance in the first quarter of 2023 are as follows:
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Life Insurance Branch
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Property insurance branch
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Number of policies sold
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Premium New Taiwan Dollar
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Number of policies sold
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Premium New Taiwan Dollar
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travel insurance
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172,000
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38 meters
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376,000
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129 meters
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total online sales
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178,200
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117 meters
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1,214,700
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891 meters
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FSC stated that it will continue to promote online insurance business and online insurance services, provide the public with more convenient financial services, and improve the quality of financial services.
