Insurers halt sales of COVID-19 quarantine policies – 台北時報

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As of yesterday, all local property insurance companies had halted sales of COVID-19 insurance policies that compensate people if they are quarantined, because of the rising number of infections, the Financial Supervisory Commission (FSC) said yesterday.
The Central Epidemic Command Center (CECC) reported 1,626 local and 101 imported COVID-19 cases yesterday, the fifth consecutive day that the number of local transmissions has surpassed 1,000.
The commission said that 10 insurers have stopped selling such COVID-19 policies, including Chung Kuo Insurance Co (兆豐產險), MSIG Mingtai Insurance Co (明台產險), CTBC Insurance Co (中國信託產險) and Tokio Marine Newa Insurance Corp (新安東京海上產險).
Photo: Tu Chien-jung, Taipei Times
Most COVID-19 insurance policies are similar to conventional medical insurance products and compensate people if they are hospitalized because of the coronavirus.
The number of available COVID-19 products declined from 66 on Thursday to 49 as of Monday, the commission said.
Moreover, the number of policies that compensate policyholders if they are quarantined dropped to only three as of 4:30pm yesterday and down to zero last night after Cathay Century Insurance Co (國泰世紀產險) and Union Insurance Co (旺旺友聯產物保險) announced that they would no longer offer such products, the commission said.
Cathay Century said on its Web site that it decided to stop offering the product because of the escalating number of infections in recent days.
Launched last year, many COVID-19 insurance policies charged less than NT$1,000, but offered NT$25,000 to NT$50,000 in compensation if they were infected or ordered to quarantine.
The policy was offered given a comparatively low number of local infections last year, but it makes sense that insurers decided to alter the product in light of rising domestic infections, the commission said.
Since the CECC eased its regulations to allow COVID-19 confirmed cases to stay at home instead of going to hospital, the commission said it had requested insurers to still compensate policyholders who could have been hospitalized but were instead ordered to stay home.
Nine new policies with new terms are expected to be launched later this week, the commission said.
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