The devastating derailment of an express train last Sunday that resulted in at least 18 deaths and injured at least 170 people is estimated to lead to liability insurance payouts totalling around NT$120m ($3.9m).
The Puyuma express was carrying 366 passengers from Taipei in the north to Taitung in southeastern Taiwan, when it went off the rails at 4.50pm, according to local media reports.
The Puyuma was launched in 2013 to handle the rugged topography of Taiwan's east coast. The Puyuma trains travel up to 150 km per hour, faster than any other in Taiwan except for the high-speed rail, reports Associated Press..
Mingtai Property Insurance and several other property insurance companies provide the railway passenger transportation liability cover for Taiwan Railways Administration. Mingtai has set up a claims team immediately after the accident to assist the insured in follow-up care and claims services.
Under the liability insurance policy, the death and disability insurance cover is NT$2.5 million per person and medical cover for each person is NT$400,000. The total amount of single accident claims is NT$200 million, and the maximum annual claim amount is NT$800 million.
In addition, life insurance companies such as Cathay Pacific, Shin Kong, and Yuanda immediately launched an emergency disaster response mechanism to help the derailment victims.