As of Monday, total compensation by non-life insurance companies to policyholders of COVID-19 insurance surpassed NT$20 billion (US$669.9 million), suggesting a loss ratio of nearly 500 percent, data released by the Financial Supervisory Commission showed.
A loss ratio — the ratio of losses to premiums paid — of more than 100 percent means an insurance product is not making money.
As of Monday, COVID-19 insurance policy compensation claims had reached NT$20.5 billion, an increase of NT$5.62 billion, or 37 percent, from the previous week.
The money was paid out to 571,000 policyholders, up 35 percent from a week earlier, data from the