Introduction
Protection Structure
Catastrophe Bond


Taiwan is located in an active part of the Circum-Pacific seismic belt. Due to intense collision between the Philippine Sea and Eurasian plates, Taiwan has experienced many disastrous earthquakes over the years. On September 21, 1999, the Chi Chi earthquake, by far the largest earthquake to hit Taiwan in over 100 years, struck the central part of Taiwan and killed 2,471 people, injured 11,305 others, destroyed 107,002 buildings, and resulted in NT$27.6 billion in insurance losses for the Taiwan insurance industry. Prior to the Chi-Chi Earthquake, fewer than one percent of the residents in Taiwan were covered by earthquake insurance. TREIP was created according to Article 138-1 of the Taiwan Insurance Act, in July 2001. TREIP policies became effective from April 1, 2002. The pool was designed to diversify earthquake risk through a combination of local co-insurance, a non-profit fund, reinsurance and government coffers.

 

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