As of Monday last week, Taiwan’s insurers had sold 7.15 million policies covering losses due to COVID-19-related quarantines and vaccine adverse reactions, up 42 percent from the end of last month, as a surge in COVID-19 cases prompted people to seek insurance coverage, Financial Supervisory Commission data showed on Thursday.
Ninety-one percent of them, or 6.51 million policies, are designed to cover losses incurred by people infected with the virus, or under quarantine or home isolation after being listed as a contact of a confirmed case, up 29 percent from 5.04 million policies sold at the end of last month, the data showed.
As of Monday last week, insurers’ cumulative sales totaled NT$4.06 billion (US$145.5 million), up 57 percent from NT$2.58 billion at the end of last month, the data showed.
Photo: Peter Lo, Taipei Times
Another 9 percent, or 640,392 policies, cover side effects and adverse reactions to COVID-19 vaccines, including in the case of hospitalization or death, more than doubling from 309,000 policies sold at the end of last month, it showed.
Cumulative sales of vaccine policies grew 103 percent to NT$181 million over the period, the data showed.
COVID-19-related insurance policies have become popular among the public since an outbreak of domestic virus cases last month.
After reports of adverse reactions and older people dying after COVID-19 vaccination, people have rushed to buying the policies before getting vaccinated, the commission said.
As of Monday last week, 5,053 policyholders had been compensated, with a total payout of NT$392 million, the commission said.
Most people were compensated after being quarantined as contacts of COVID-19 cases or being hospitalized for treatment of the virus, it said.
The biggest player in the COVID-19 insurance market is Taiwan Fire & Marine Insurance Co (台灣產物保險), which has a policy that charges NT$500 and pays out NT$100,000 if the policyholder is ordered to quarantine.
As of Monday, it had sold 3.75 million policies with cumulative premiums of NT$1.79 billion, the commission said.
The company had paid NT$330 million to compensate 3,396 policyholders, the commission said.
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