TAIPEI (May 29): Taiwan's worst Covid-19 outbreak has left the island's insurers bracing for more than US$1 billion in claims that the financial regulator is urging them to honour. While that is just a tiny fraction of the NT$2 trillion in net assets held by Taiwan's insurance industry, the majority of those are held by the large life insurers. The potential claims represent around 25% of the assets held by property insurance companies, which were among the most active in selling Covid-19 policies. The generosity of the policies insurers sold is a major part of the problem. Siang Lin, a financial industry professional working in Taiwan, bought a Covid-19 insurance policy that he extended once it expired.
