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Insurance

Tokio Marine takes $400m hit from Taiwan COVID payouts

Rush of new customers leads to surge in coronavirus insurance compensation

Insurers in Taiwan have received a surge of claims from people who became infected with COVID-19.   © Reuters

TOKYO -- Japanese insurer Tokio Marine Holdings expects to book a 53.9 billion yen ($399 million) charge in the July-September quarter related to COVID insurance payouts by a Taiwanese group company.

The Taiwanese arm, Tokio Marine Newa Insurance, ranks fourth in its market. The company offered coverage for COVID-19 illnesses or quarantines, eventually signing 940,000 policies.

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