FSC Calls for People to Purchase the Basic Residential Earthquake Insurance to Reduce the Earthquake-Related Loss
2021-03-04
On March 11, 2011, a 9.0-magnitude earthquake in Japan was about to expire its tenth anniversary. However, the earthquake and the resulting tsunami caused serious loss of life and property, and the situation is still impressive. In addition, during the Taiwanese Lunar New Year, an earthquake of magnitude 7.3 occurred in the open sea of Fukushima, Japan. Taiwan and Japan belong to the Circum-Pacific seismic zone, a region where earthquake rapidly strikes. For a timely protection when an unpredictable calamity comes, the Financial Supervisory Commission (FSC) calls for people to purchase the Basic Residential Earthquake Insurance to reduce the financial and property loss from earthquakes. As of the end of January 2021, the total policies in force reached 3.23 million, and the take-up rate was around 36.07%. This number indicates that although people had gain risk awareness, many still not yet insure on their own residences. FSC suggests that people purchase the Insurance to obtain basic earthquake protection.
FSC reminds that the scope of coverage regarding the Basic Residential Earthquake Insurance includes total loss of insured residential building due to earthquake shake, or fire, explosion, landslide, land subsidence, land movement, land fissure, land rupture, or tsunami, sea surge and flood caused by an earthquake or its seismic activity. At present, the maximum insured amount is NTD1.5 million, with the contingent living expense NTD200,000. The annual premium per household is NTD1,350, equals a basic earthquake protection for only NTD3.7 per day.
For further information, please contact Taiwan Residential Earthquake Insurance Fund (toll-free number: 0800-580-921), The Non-Life Insurance Association of the Republic of China (02-2507-1566) or respective non-life insurers.
For further information, please contact Taiwan Residential Earthquake Insurance Fund (toll-free number: 0800-580-921), The Non-Life Insurance Association of the Republic of China (02-2507-1566) or respective non-life insurers.
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Update：
2021-03-18