Taiwan's COVID insurance claims could exceed USD1.4bn

Taiwan's Financial Supervisory Commission (FSC) said the local insurance industry is likely to face more than NTD41bn (USD1.4bn) in COVID-19 claims amid a surge in domestically transmitted cases. FSC Chairman Thomas Huang cited an internal assessment that forecast insurance claims would surpass the figure. The forecast was based on a 15% infection confirmation rate and an average policy value of NTD36,000. Huang said that with the number of local COVID-19 cases still rising, the amount of total claims could be more, but added that he could not yet give an exact figure.