More than 60% of homes lack earthquake insurance

The lack of earthquake insurance coverage for a large proportion of housing units is exacerbated by the aging of urban housing in Taiwan, leaving more than 60% of homes without coverage for any seismic disaster that may occur.

According to a new survey conducted by the government-backed Taiwan Residential Earthquake Insurance Fund (TREIF), as of the end of December 2024, the basic residential earthquake insurance coverage rate in Taiwan was 38.89%. This indicates that more than 60% of homes may be uninsured against earthquakes.

Taiwan is located on the Pacific seismic belt, which results in frequent earthquakes, TREIF said. Despite this, the majority of homeowners do not have insurance coverage.

The lack of earthquake insurance in residential areas first became apparent in the wake of the 921 earthquake in 1999. Widespread earthquake losses prompted the government to create TREIF, a non-profit organization that serves as an aggregator of earthquake insurance funds and a consensus-building platform to strengthen localism. Earthquake insurance mechanisms.

The government mandated that all residential fire insurance policies must automatically include basic residential earthquake coverage on April 1, 2002. Homeowners with insurance agreements before then may not include earthquake insurance and may need a renewal agreement to ensure continuity of earthquake protection.

If homeowners are unsure about their property insurance carrier as well as the details of their policy, they can visit the “Residential Earthquake Insurance General Inquiry Service Platform” and enter basic personal information to learn more about their policy, TREIF said.

TREIF asked homeowners to be aware of earthquake insurance coverage in part because of aging housing stock. A government audit found that the average age of residences across Taiwan is 32 years.

Only housing built after the 921 (1999) earthquake meets the more stringent building standards that require stronger earthquake resistance.

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