August 4th, 2009

Global Terror Update: Taiwan

Posted at 1:00 AM ET

global_cover141x141In 2004, an insurance pool was formed to provide terrorism coverage for personal accident business up to a maximum insured amount of NTD2 million (USD 61,000) per person. This pool is administered by the Non-Life Insurance Association in Taiwan and was created to share terrorism risk for personal accident business among private insurance companies and the Central Reinsurance Corporation in Taiwan. The pool has a cap of NTD1 billion (USD32 million). If losses exceed this amount, claims are paid on a pro rata basis.

Terrorism coverage is available by endorsement to both the residential fire and basic commercial property policy forms. Tariff rates are 0.02 percent for residential and 0.012 percent for commercial. Due to a lack of reinsurance support, local insurers generally do not offer this coverage to the commercial sector. It may be granted, however, under the residential fire policy. Public demand for the coverage is limited.

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