Total life insurance premiums in Taiwan reached NT$3,209 billion (US$108.9 billion) last year, 5.2% higher than in 2016, according to statistics from the Life Insurance Association (LIA).
First-year life insurance premiums totalled NT$1,059 billion last year, a decline of 11.4% compared to 2016. The decline was seen in the traditional life insurance segment where first-year premiums plunged by 19.8% to NT$861.2 billion last year.
On the other hand, with the global economic recovery and more buoyant financial markets, investment-type life products gained in popularity last year. First-year premiums from sales of investment-type products surged by 62.2% last year to NT$198.3 billion.
Total renewal premiums amounted to NT$2,150 billion in 2017, 16% higher than in 2016. Renewal premiums from traditional life policies rose by 16.8% to NT$2,072 billion last year. Those from investment-type life products, however, fell by 3.1% to NT$77.9 billion.
The data shows that traditional life policies accounted for 91% of total life premiums last year, compared to 93% in 2016.