Statistics released by the Financial Supervisory Commission (FSC) show that around 30 insurance companies engaged in microinsurance business as of the end of 2024.
Among them, 17 life insurance companies had launched small-amount end-of-life insurance with more than 1.186m policies in effect as of 31 December 2024, a 12.4% increase from 1.055m as of the end of 2023.
Small-sum end-of-life insurance plans are insurance products to provide basic insurance protection for the elderly and other targeted groups. The current product lines include traditional wholelife insurance policies. A one-year injury insurance rider can be added to increase protection against death or disability arising from accidents.
Separately, at the end of 2024, there were two property and casualty insurance companies conducting trial operations for micro property and casualty insurance business, with 175,000 people and more than 2,500 households covered respectively.
Through regulatory incentives, the FSC encourages insurance companies to develop, design, promote and sell such products to fulfil the social responsibility of the insurance industry.