About 60% of homes lack basic earthquake insurance

Taiwan's basic residential earthquake insurance coverage rate was 38.6% as of July 31, 2024, based on 9.32 million households across the island, indicating that more than 60% of homeowners are still uninsured.

Although Taiwan is an earthquake-prone area, the most recent quakes, off the coast of Hualien on August 16 and the Yilan quake on August 17, were felt across the country. Meanwhile, Taiwan is marking the 25th anniversary of the 1999 earthquake that struck the island. The 7.6-magnitude quake was one of the worst natural disasters to hit the island, killing 2,400 people.

Construction costs are increasing.

Meanwhile, the Taiwan Non-Life Insurance Association (NLIA) has revised the “Taiwan Residential Construction Cost Reference Table,” which increases the construction cost factor in residential property insurance and natural disaster insurance branches, starting from January 2025. The NLIA said that while the insurance coverage for residential property insurance will increase, the premium will not increase. For natural disaster insurance, the premium will be slightly raised based on the sum insured.

The association said that the amount of residential fire insurance and natural disaster insurance should be calculated appropriately to avoid under-insurance.

The Taiwan Earthquake Residential Insurance Fund was established in the wake of the 1999 earthquake. The fund began operations in 2022 to provide basic earthquake coverage.

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