The 7.2 magnitude earthquake that struck Taiwan’s east coast on April 3 caused substantial damage, particularly in Hualien with collapsed buildings and infrastructure disruptions. However, insurers are expected to weather the financial impact well, according to GlobalData, the London-based data and analytics company.
Government-backed schemes are anticipated to mitigate losses, although insurers may re-evaluate risk exposure and adjust premiums to maintain profitability, GlobalData said.
Property insurance claims are expected to account for an 11.6% share of the total general insurance claims in 2024, amounting to TWD14.1 billion ($500 million), GlobalData estimated, noting, however, that actual