Taiwan: 3 April 'quake insurance claims unlikely to exceed losses chalked up in 2016
Source: Asia Insurance Review | May 2024
Earthquake-related claims for Taiwan’s commercial insurers related to April’s seismic event are unlikely to exceed those stemming from the 2016 Meinkong earthquake, according to AM Best.
This is because of the ‘quake’s distance from economic centres and science parks. The disaster struck touristic Hualien, a mountainous region in eastern Taiwan.
The Meinong earthquake in 2016 was reported to have caused insured losses of $600m, according to Guy Carpenter in a report in 2018.
Separately, CoreLogic, a US-based provider of financial, property and consumer information, analytics and business intelligence, has estimated that insurable losses from the 3 April magnitude-7 earthquake will be between $0.5bn and $1bn.
Best’s Commentary, ‘Taiwan Earthquake Claims Unlikely to Exceed 2016 Levels’, notes that the Magnitude 7.2 earthquake on 3 April is not expected to add significant net claims and lead to a capital event for Taiwan’s non-life insurance industry. A