Caring for the needs of the disadvantaged is one of the core policies of the government, Premier Mao Chi-kuo said today as he instructed the Financial Supervisory Commission (FSC) to continue pushing microinsurance and encouraging insurers to help build a social safety net for low-income people.
Since the FSC began promoting microinsurance and urging the insurance industry to fulfill its social responsibility, over 140,000 financially disadvantaged people have received coverage, Mao said. The scheme has been of significant help to low-income earners seeking insurance protection.
The FSC said that microinsurance is one means of realizing the government's goal of finding jobs for young people, building a safety net for senior citizens, creating opportunities for businesses, and providing a dignified living environment for the disadvantaged.
To extend microinsurance to more underprivileged people, the FSC has provided incentives that have so far spurred over half the insurers in Taiwan to carry microinsurance products. The FSC also raised the policyholders' annual income eligibility limit from NT$250,000 to NT$350,000 (US$8,004 to US$11,207) for singles, and from NT$500,000 to NT$700,000 (US$16,010 to US$22,414) for couples. Accidental medical insurance policies have also been added to the mix of products offered.
As a result of these measures, the number of insureds jumped by more than 77,000 in 2014. This one-year increase is 1.5 times higher than the increases in the previous four years combined when microinsurance began in Taiwan.