, Taiwan

Taiwan’s COVID-19 insurance claims may exceed $1.39b: regulator

7.6 million policies are estimated to have been sold by insurers in Taiwan.

Taiwan’s insurance industry is bound to shell out more than $1.39b in insurance claims due to an ongoing surge in infections, according to the head of the Financial Supervisory Commission.

In a hearing held by the finance committee of the Legislative Yuan, FSC chairman Huang Tien-mu said insurance claims will surpass the initial estimate of a lawmaker of $1.39b, according to their internal assessment.

This comment comes after Legislator Lai Shy-bao of the opposition Kuomintang (KMT) said that there is about 7.6 million COVID-19 policies that has been sold by non-life insurance companies in Taiwan that would pay holders if they test positive for infections or placed in quarantine as close contacts of those who tested positive.

Lai said that based on the infection confirmation rate set at 15% and the average value of $1,216.40 (NT$36,000) per case for the insurance policies, Taiwan’s insurance industry could face about $1.39b

The FSC chairman said that with local infections increasing, it is bound to exceed $1.39b. The regulator’s chairman however could not yet give an exact number at this time.

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