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Taiwan Insurance Companies on the hook for Vietnamese riots
Taiwan News, Staff Writer
2014-05-30 09:38 AM

Insurance companies are finally beginning the process of tallying the damages caused by anti-China rioters in Vietnam. Two insurers, Cathay Financial Holdings' Property Insurance Co. and Fubon Property Insurance Co., reported that their Vietnamese subsidiaries estimate preliminary losses at NT$70 million and NT$250 million, respectively.

Fubon Insurance (Vietnam) assessed direct losses at NT$1.1 billion but the company’s risk diversification reinsurance mechanism will lower required compensation claim payout to NT$250 million.

As of now, 223 claims have been filed with Fubon Insurance (Vietnam) and 59 claims have been files with Cathay Property Insurance Co.

The latest Ministry of Economic Affairs statistics indicate that the number of Taiwanese companies damaged in the riots has increased to 408 with 25 sustaining fire damage. Total losses could top NT$15 billion.

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