Insurers take measures to assist property renters adversely affected by COVID-19
2020-07-09
To assist property renters adversely impacted by COVID-19, insurers can (depending on the severity of the impact) provide assistance by, for example, reducing rental fees, deferring rent payments, accepting rental payments on installment, providing rent-free periods, and postponing rent collections. The ROC Life Insurance Association and the ROC Non-life Insurance Association both have a special website section where they disclose information on measures that life and non-life insurers have taken to assist property renters who have been adversely impacted by notifiable infectious diseases. As of 30 June 2020, key information disclosed on these websites includes the following:
- Insurers have received 229 requests for assistance. In 204 cases, assistance has been provided, while the other 25 requests are still being processed.
- In the 204 cases that have already been processed, assistance has been provided by a total of 20 insurers, as follows:
(1) Rent reductions: 20 insurers have provided rent reductions to 163 renters. The great majority of these renters are in the service sector (86) or the travel industry (47). Other renters conduct businesses in the cultural, air transport, shipping, healthcare, and manufacturing sectors.
(2) Other assistance measures: 13 insurers have provided other types of assistance (e.g. rent deferral; payments on installment; rent-free periods; and postponed rent collections) to 41 renters. Most of these renters are in the service sector (23), while others run department stores or conduct businesses in the travel, cultural, healthcare, and manufacturing sectors.
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Update：
2020-09-10