Taiwan Lawmaker proposes tax benefits for quake insurance buyers

| 24 Apr 2019

Legislator Chiang Yung-chang has proposed that a fiscal incentive be given to sway more Taiwanese to acquire earthquake insurance.

He proposed that the income tax law be amended to grant annual tax deductions to earthquake insurance policyholders, reported United Daily News.

His remarks followed an earthquake of magnitude 6.1 which struck the coastal city of Hualien in eastern Taiwan on 18 April.

According to the Financial Supervisory Commission (FSC), the take-up rate of domestic earthquake insurance across the island was only over 30%, even though Taiwan is earthquake prone.

At the end of March, there were more than 3.02m insured homes in Taiwan, and the insurance coverage rate was about 34.77%.

The insurance coverage rate in urban centres is relatively high, with the top three cities being Hsinchu (42.64%), New Taipei City (42.01%), and Taoyuan City (41.94%). The coverage rate in quake prone Hualien is less than 30%.


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