Regulatory Alerts2026-07-09
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Typhoon Bavi Approaches, FSC Urges Insurance Industry to Strengthen Policyholder Services
The Financial Supervisory Commission (FSC) has instructed the life and non-life insurance associations to notify all insurance companies to prepare for Typhoon Bavi, proactively assess policyholder losses, and promptly process claims according to contract agreements. The FSC also reminds the public to review their existing insurance policies, as standard "Residential Fire and Earthquake Basic Insurance" and motor vehicle physical damage insurance (Type A, B, or C) may not fully cover typhoon or flood damage. It recommends adding specific riders, such as "Typhoon and Flood Riders" for residential policies and "Typhoon, Earthquake, Tsunami, Hail, Flood, or Water Accumulation Due to Rain Rider" for vehicle policies, to ensure comprehensive protection against such disasters.
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Typhoon Bavi Approaches, FSC Urges Insurance Industry to Strengthen Policyholder Services
2026-07-09
The Central Weather Administration of the Ministry of Transportation and Communications has issued a sea typhoon warning for Typhoon Bavi, and a land typhoon warning is not ruled out. The outer periphery of the typhoon may bring strong winds and heavy rain. The Financial Supervisory Commission (hereinafter referred to as the FSC) has instructed the Life Insurance Association of the R.O.C. and the Non-Life Insurance Association of the R.O.C. to notify all insurance companies to prepare their business premises for the typhoon, proactively understand policyholders' disaster losses, and promptly process claims in accordance with insurance contract agreements. The FSC reminds the public that in addition to paying attention to their personal safety and preparing for the typhoon, they should also review whether their insurance policies provide adequate coverage for losses caused by typhoons or floods. For example, the "Residential Typhoon and Flood Disaster Compensation Insurance" under "Residential Fire and Earthquake Basic Insurance" only provides basic coverage. It is recommended that the public consider their needs and additionally purchase typhoon and flood riders to increase coverage. Furthermore, motor vehicle physical damage insurance, regardless of Type A, Type B, or Type C, does not cover losses caused by typhoons or floods. It is recommended to add the "Typhoon, Earthquake, Tsunami, Hail, Flood, or Water Accumulation Due to Rain Rider" to obtain comprehensive protection. The FSC states that if the public experiences the aforementioned disaster losses due to a typhoon, they can apply for claims with their insurance company after the incident, in accordance with the coverage scope of their insurance contract. If the public still has doubts about claims matters, they can make use of the toll-free service hotlines or official websites of various insurance companies and the two aforementioned associations.
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Update Date: 2026-07-09
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