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
By Kao Shih-ching / Staff reporterAs 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.
Four local non-life insurance companies have gained regulatory approval to use NT$4.47 billion (US$150.18 million) in special reserves to write off losses from COVID-19 insurance claims, the Financial Supervisory Commission (FSC) said yesterday.
That made up about 9 percent of the total reserves of NT$48.1 billion set aside by insurers as of the end of April, the commission said.
The four are Cathay Century Insurance Co (國泰世紀產險), Chung Kuo Insurance Co (兆豐產險), Hotai Insurance Co (和泰產險) and Tokio Marine Newa Insurance Corp (新安東京海上產險), which, as of the end of last year, had risk-based capital ratios of 284 percent, 624 percent, 392 percent