News Non-Life15 Nov 2018

Taiwan:More online travel insurance purchases hit airport sales

15 Nov 2018

As more air travellers are buying insurance online, the average bid price for an insurance sales counter at Taiwan Taoyuan International Airport Terminal 2 has tumbled 18% to NT$2.6m (US$84,175) per month, from NT$3.2m six years ago when the last tender execise was held, Taoyuan International Airport Corp (TIAC) senior vice president Ms Hong Yu-fen has revealed.

“It seems that the insurers were not willing to pay as high a price as before, as more consumers are buying insurance online rather than at an airport,” she told Taipei Times.

The bidding process was completed in September, and the new six-year contracts took effect this month.

Cathay Life, although it would not say how much it bid, said that it sells an average of 300 policies per day, 25% of its total travel insurance sales. The other successful bidders were Shin Kong Life Insurance, Taiwan Life Insurance and Chubb Corp Taiwan. Chubb is a first-time winner for the space. A fifth insurer, Farglory Life Insurance, failed in its bid.

Cathay Life senior vice president Terry Tseng said that while younger travellers prefer to buy insurance online, a single trip at a time, families like to buy insurance at the airport to save time.

Chubb Corp Taiwan country president Edward Tseng said that this year was the first time his company had won a contract at Terminal 2, and that it hopes to reach more clients through its new sales site at the airport.


 

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