Insurance policies

Insurance policies for this month’s COVID-19 outbreak

  • By Kao Shih-ching / Staff Reporter

About 460,000 COVID-19 insurance policies have been sold over the past week as people seek protection from surging local infections, according to data from the Financial Supervisory Commission (FSC).

Local insurers have sold 1.65 million COVID-19 insurance policies since their launch early last year, after a 38% spike in the week ending Monday, the data showed.

The acceleration in sales could be attributed to an increase in local infections, which totaled 551 on Tuesday last week and surpassed 1,000 on Monday, according to data from the Central Epidemic Command Center.

Although many insurers earlier this month halted sales of policies compensating quarantined people, other related insurance products were available to cover hospitalization and adverse events related to vaccination.

COVID-19 insurance sales this week totaled NT$302 million ($10.32 million), about a third of those policies that were sold through Tuesday last week, the data showed.

Meanwhile, local insurers had paid out 13,000 policyholders on Monday, up 17% from a week ago, with payouts up 12% to NT$628 million, the data showed.

The number of policyholders compensated and the amount of compensation is expected to continue to increase, as most policyholders seek compensation after being released from quarantine, the commission said.

Vaccine insurance payout growth was slower than payouts for COVID-19 policies – local insurers paid out 150 policyholders during the week with a total of NT$5.1 million, according to the data.

As of Monday, local insurers had compensated 1,738 policyholders for a total of NT$63 million, the data showed.

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