More Taiwan insurers set to inject capital after losses

The surge in COVID-19 policy claims had put several insurers in the red.

More Taiwanese insurers are likely to join Cathay Century Insurance Co and  CTBC Insurance Co in injecting additional capital in the second half of this year, writing off more than 5 million insurance policies, the Financial Supervisory Commission (FSC) said.

The Insurance Bureau said that more insurers are likely to follow suit this year after they better understand their losses from the massive surge of COVID-19 policy claims.

Cathay Century and CTBC have reported that they intend to conduct capital injections of $340m and $130m, respectively.

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The FSC said it is monitoring disputes between policyholders and insurance companies.