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FSC says insurance companies need to protect rights of COVID-19 policyholders

The Financial Supervisory Commission (FSC) on Tuesday called on property insurance companies to safeguard the rights of policyholders at a time when Taiwan faces a surge in COVID-19 infections.
Since late last year, several insurers have launched COVID-19 policies, which would require them to compensate policyholders who are infected with the virus and given medical treatment.
At least seven policies would also cover treatment for COVID-19 in a negative pressure isolation room, FSC data showed.
Although the number of domestic cases is rising with demand for hospital beds and isolation rooms increasing some infected policyholders have not been hospitalized, but placed ....

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Virus Outbreak: FSC outlines results of virus insurance products


FSC outlines results of virus insurance products
By Kao Shih-ching / Staff reporter
Fourteen property insurance companies have launched 32 COVID-19 insurance products since April last year, the Financial Supervisory Commission (FSC) said on Thursday.
The firms have sold 148,745 policies, generating combined first-year premiums (FYP) of NT$71.52 million (US$2.52 million) as of Thursday, it said.
The commission has encouraged insurers to offer COVID-19 products to provide financial support to people facing economic losses due to disease prevention measures, Insurance Bureau Deputy Director-General Wang Li-hui (王麗惠) told a news conference in Taipei.
Although there is no official guidance or definition of a COVID-19 insurance policy, most products cover medical and hospitalization expenses incurred due to treatment for COVID-19, data from insurance companies showed. ....

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