, Taiwan
233 view s
Stock photo. Credits to Unsplash.

Tokio Marine suffers $400m loss from Taiwan COVID-19 cover payouts

The loss will reflect in the quarter ending September.

Japanese insurer Tokio Marine Holdings will suffer a loss of JP¥53.9b ($410m) in the July to September quarter.

These losses come from the massive payouts in COVID-19 insurance from the group’s Taiwanese arm, Tokio Marine Newa Insurance. The insurer offered coverage for COVID-19 illnesses or quarantines, signing 940,000 policies.

ALSO READ: Taiwan insurers cough up over $1b in COVID-19 claims

A surge in claims was triggered when Taiwan suffered a wave of COVID-19 infections due mostly to the omicron variant.

Tokio Marine Newa Insurance projects a net loss of JP¥110.1b ($830m) for the six months ended June. Since the parent Tokio Marine owns 48.94% of the equity-method affiliate, this translates to the $419n loss whose impact will be booked in the current three months through September.
 

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.