Cathay Life : Everything you need to know

Cathay Life: Everything you need to know

About Cathay Life

Cathay Life Insurance Co., Ltd is the first publicly listed insurance company in Taiwan and the only Taiwanese financial institution in the Global Fortune 500. It serves more than eight million policyholders, which is equivalent to a third of its overall population. The firm also has 15 million active policies, making it the largest insurance provider in Taiwan.

In 2001, Cathay Life formally established Cathay Financial Holdings, serving as the insurance giant’s financial holding arm. The business unit consolidates Cathay Life’s financial products and services, including life and property insurance, banking, and securities by establishing an integrated information platform and developing cross-industry marketing strategies to provide its customers with convenient, one-stop services.

After several years of planning and preparation, Cathay Life became the first Taiwanese firm to establish an insurance company in mainland China when Cathay Life Insurance (China) was officially established in January 2005. In December 2007, the company also successfully obtained a business license from the Ministry of Finance in Vietnam and established Cathay Life Insurance (Vietnam), making it the first Taiwanese firm to set up an insurance subsidiary in the Southeast Asian nation.

Product offerings
Cathay Life provides a wide range of life insurance products and related services, including:

• Individual life insurance: This includes endowment, pure endowment, term life, and whole life policies, which provide coverage for survival, death, or disability benefit during the policy period.
• Individual health insurance: This provides compensation for medical and surgical expenses resulting from illness or accidents.
• Individual injury insurance: This provides the coverage for injury, disability, or death in accidents.
• Long-term care area for civil servants and teachers: This type of service offers comprehensive long-term care for all civil servants, teachers and their spouses and dependents.
• Endowment insurance: This provides annuity and a lump-sum amount when the policy matures.
• Investment-linked insurance: This type of plan combines investment and protection, with part of the premiums invested in a wide range of investment options.
• Group insurance: This provides term-life, injury, or health insurance for the employees of enterprises or members of associations.
• Micro insurance: This provides basic coverage of survival, death, or disability for low-income individuals and comes with affordable premiums.
• Travel insurance: This covers unexpected illnesses or accidental death while traveling.

Culture
Since its inception, Cathay Life has sought to give back to the community it serves. The firm is deeply engaged in arts, sports, and social assistance endeavors. Apart from sponsoring the Cathay Life women’s basketball team, the insurer has been sponsoring outdoor performances across Taiwan by the Cloud Gate Dance Theater since 1996. The company also makes annual contributions to charitable organizations, with employees volunteering their time and donating money whenever natural disasters strike.

Moreover, it is the Cathay Life’s goal to become a sustainable company that “brings stability and happiness to society and spurs sustainable growth in the industry.” In 2016, the firm became the first life insurance company in Asia to voluntarily comply with the United Nations’ Principles for Sustainable Insurance (PSI).

Cathay Life implements sustainability from three perspectives of environment, society, and corporate governance, and has also established the Cathay Life Insurance Corporate Sustainability (CS) Task Force. The company also keeps abreast of international trends in sustainability and studies related issues to gain a more in-depth perspective, allowing it to contribute to sustainable development in the insurance industry.