The total property insurance claims after last week's Typhoon Nari have reached NT$8.9 billion, the Chinese-language media reported, citing officials at the Ministry of Finance.
Total claims are expected to be nearly NT$10 billion. However, since most claims have been reinsured by foreign companies, the impact on domestic insurers would be limited, according to a local property insurer.
Nari generated significant losses in northern Taiwan last week as it led to the worst flood in the past five decades. Property insurance companies have filed policy claims totaling NT$8.9 billion with the finance ministry, including NT$6.15 billion in fire insurance, NT$2.06 billion in engineering insurance, NT$405 million in merchandise flood insurance and NT$210 million in other property and liability insurance.
Flood insurance is included in a variety of different insurance policies.
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