Insurers saw sales of spillover insurance in the first nine months of this year surge 16 times from a year earlier to NT$368.62m (US$12.12m), the Financial Supervisory Commission has said.
The number of spillover insurance policies, which give policyholders rewards when they exercise, sold from January to September totalled 28,383, 8.4 times higher year-on-year, the commission said.
“Walker” insurance policies, which give bonuses to policyholders for walking enough, reported the most rapid growth, with the number sold growing from 488 last year to 11,650 this year and the first-year premiums rising from NT$9.88m to NT$288m, Insurance Bureau deputy director-general Chang Yu-hui said.
There were 23 spillover insurance products on the market offered by eight life insurers as of the end of September,
Cathay Life Insurance’s two policies, which offer rewards to policyholders if they walk at least 7,500 steps per day, were the top two in terms of sales and generated first-year premiums of NT$199m in the first nine months, he said.
Spillover insurance policies made their debut in Taiwan in 2016.