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Taiwanese insurers halt sales of travel policies to curb losses

Taiwanese insurers are halting sales of travel insurance as the amount of compensation of COVID-19 insurance policies have grown to TWD5.47bn (USD183.92 million), data from the Financial Supervisory Commission (FSC) showed. The FSC said all insurance companies have terminated sales of COVID-19 insurance policies, with only a few vaccine insurance policies still available. The move aims to curb potential losses amid payouts for COVID-19 by local insurance companies. As a result, people might find it more difficult to purchase insurance policies with coverage of medical expenses for sudden illness, which is required of travellers by some foreign governments, such as in the European Union. Since many insurers only offer travel insurance that compensates for losses in accidents or covers expenses for emergency rescue, travellers, if infected with COVID-19 abroad, would likely have to pay for their medical treatment.


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