As of Wednesday last week, 4,948 complaints about COVID-19 insurance had been filed with the Financial Ombudsman Institution (FOI, 金融消費評議中心) — 25 times higher than the 189 complaints for the whole of last year, official figures showed.
Only 6.6 percent of the complaints, or 331, had been settled by insurers and policyholders, leaving 4,617 unresolved, the data showed.
In contrast, 55 percent of all 189 complaints last year were resolved, the agency said.
Photo: Bloomberg
The FOI said it steps in to help solve complaints if consumers are not satisfied with the solutions provided by financial firms.
The agency could advise financial firms to pay up to NT$1.2 million (US$40,293) in compensation if it thinks consumers make a case for their complaints, it said, adding that the whole process takes less than five months.
As of Wednesday last week, 69 consumers had asked the FOI to review their complaints, and the agency had reconciled conflicts for 21 cases and given advice about compensation for three cases, it said.
The most common complaints are insurers refusing to validate a policy purchase or pay compensation for positive COVID-19 infections based on rapid antigen test results, the agency said.
Twelve non-life insurers have promised the Financial Supervisory Commission (FSC) that they would finish writing off all COVID-19 insurance policies by the end of this month, and about 550,000 purchases are still being addressed, the commission’s data showed.
Data showed that so far this year, 5 million COVID-19 insurance policies have been sold.
In related news, as the Central Epidemic Command Center (CECC) yesterday announced that it is listing monkeypox as a category 2 notifiable communicable disease, the FSC said that the insurers would also have to compensate those who purchase insurance against notifiable diseases.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RSS