Eleven property insurance companies are to sell new travel insurance policies designed for people joining tour groups to Palau as part of the government’s “travel bubble” program, the Financial Supervisory Commission said on Thursday.
The special travel insurance products would cover accidental injury, surgery or medical treatment due to sudden illness and air ambulance service to return to Taiwan, according to the insurers’ preliminary plans, the commission said.
Based on preliminary calculations, the special insurance policies could cost each traveler on a five-day tour from NT$2,500 to NT$3,000 (US$87.83 to US$105.40), the commission said.
Regular travel insurance products cost up to NT$1,000 before the COVID-19 pandemic.
The calculations are based on policies offering NT$5 million for death, NT$1 million to cover sudden illnesses and NT$500,000 for injuries, while the policies would also cover air ambulance expenses of less than NT$4 million, the commission said.
Premiums for tourists in the “travel bubble” have not been finalized, but they would be more expensive than regular ones, because travelers infected with COVID-19 would likely want to return to Taiwan for treatment, which could require the use of a chartered flight or an air ambulance service, it said.
The first of the new insurance policies are expected to launch on Thursday next week at the soonest, before the first tour group departs on April 1, the commission said.
The insurers include Chung Kuo Insurance Co (兆豐產險), Fubon Insurance Co (富邦產險), Hotai Insurance Co (和泰產險), Tokio Marine Newa Insurance Corp (新安東京海上產險), MSIG Mingtai Insurance Co (明台產險), Shinkong Insurance Co (新光產險), Nan Shan General Insurance Co (南山產險), Cathay Century Insurance Co (國泰世紀產險), Chubb Corp Taiwan (美商安達產險), Taian Insurance Co (泰安產險) and Union Insurance Co (旺旺友聯產物保險), it said.
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