The percentage of residential properties in Taiwan that was covered by earthquake insurance stood at 33.17% at the end of July, according to data from the Financial Supervisory Commission (FSC). The total number of residential properties was around 8.6 million.
The regulatory agency revealed the figure as it urged the population to take up earthquake insurance for basic protection of their homes.
To increase the penetration of earthquake insurance, the Taiwan Residential Earthquake Insurance Fund (TREIF) was set up by the government to ensure that the cost of the insurance would not be onerous. The Fund provides for an insured amount of up to NT$1.5 million (US$50,000) and temporary housing benefit of up to NT$200,000 for an annual premium of NT$1,350.
The insurance covers damage or total loss of residential property due to earthquake shocks, fire caused by earthquakes, explosions, landslides, strata subsidence, cracks, tsunamis, tidal waves, floods and other dangerous incidents.