Sales of COVID-19 insurance policy soars in Taiwan

Insurers sold 42,376 policies from 1 January up to 17 January.

The sale of COVID-19 insurance policies are skyrocketing in Taiwan in the first 17 days of January amidst rising local cases.

According to data from Taiwan’s Financial Supervisory Commission, insurance policies sold rose to 2,500 per day on average from 1 January to 17 January.

The commission’s data also showed that insurance companies sold 42,376 policies that cover losses incurred by COVID-19 infections, quarantine, home isolation or adverse reactions related to vaccinations, with combined premiums of up to NT$34.6m ($1.25m)

During the period, a total payout of NT$7.15m ($260k) was given to eighty policyholders.

Around 12.75 million policies were sold last year. The commission said it would be monitoring the compensation that insurers promise in their policies this year.