Taiwan
Taiwan Title
Taiwan Residential Earthquake Insurance Fund (TREIF)
Taiwan Description
Taiwan Residential Earthquake Insurance Fund (TREIF) is a not-for-profit organization, established officially on January 17, 2002, following the 921 earthquake in 1999. The quake prompted the government to set up an earthquake insurance program and build consensus to strengthen the earthquake insurance mechanism.
Residential earthquake basic insurance is a statutory insurance in Taiwan and TREIF serves as the pivotal organization of the residential earthquake insurance scheme.
Taiwan News and Events
News and Events
5 April 2024
According to Aon, the deadly magnitude-7.4 earthquake that struck eastern Taiwan on April 3 is likely to result in a notable event for the local insurance industry due to relatively high take.
The quake is reportedly the island’s largest in 25 years, with officials having reported at least 10 fatalities and more than a thousand injuries, along with significant material damage to residential and commercial property.
As of 31 December 2023 the cumulative liability amount for the residential earthquake insurance system was NT$5,860,951,793,187. There were 3,504,007 policies in force, representing a take-up rate of 37.85% (based on a total of 9,258,752 households in Taiwan).
https://www.fsc.gov.tw/en/index.jsp