Taiwanese insurers ceases sales of COVID-19 insurance
Insurers blamed rising infections for halting sale of COVID-19 cover.
Taiwanese property and casualty insurers (P&C) have halted the sale of COVID-19 insurance policies amidst rising infections, according to the Financial Supervisory Commission.
As of last week, all local P&C insurance companies have stopped the sales of COVID-19 insurance policies that compensate people if they are quarantined, the FSC said.
Ten insurers have stopped selling such COVID-19 policies, including Chung Kuo Insurance Co, MSIG Mingtai Insurance Co, CTBC Insurance Co), and Tokio Marine Newa Insurance Corp.
The commission also reported that the number of policies that compensate policyholders dropped from only three to zero in one night, after Cathay Century Insurance and Union Insurance Co both announced that they would no longer be offering such products. Cathay Century announced on its website that it had decided to cease selling such products because of the rise in infections.
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