Industry Promotes Microinsurance to Expand Protection for Vulnerable Families

When a fire occurs, vulnerable families face not only property loss but also expenses for temporary shelter and other needs. Nan Shan Property Insurance continues to promote its micro fire inconvenience insurance, and this year has further partnered with Kinmen County and Lienchiang County, with the policy taking effect on May 15. Together with Penghu County, which was already cooperating, this completes the coverage for vulnerable families in all three outlying island counties.

Nan Shan Property Insurance's "Micro Fire Inconvenience Insurance" adopts a method where the cooperating county or city government includes eligible individuals in the coverage based on a roster. Eligible residents do not need to apply for insurance themselves. Low-income and middle-low-income households registered by the county or city government will receive a fixed inconvenience benefit of NT$8,000 per person when a fire occurs at their residence or when actual damage is caused by rescue operations. This benefit helps affected residents cover expenses such as temporary shelter, daily necessities, and transportation in the immediate aftermath of a disaster.

Since its launch, Nan Shan Property Insurance has successively partnered with local governments including Pingtung County, Hsinchu County, Penghu County, Keelung City, Nantou County, Changhua County, Tainan City, Chiayi City, and Taitung County. The cumulative number of insured individuals exceeds 200,000, accounting for more than 40% of Taiwan's low-income and middle-low-income population. The addition of Kinmen County and Lienchiang County not only expands the number of cooperating counties and cities but also brings all three outlying island counties under the coverage umbrella.

Nan Shan Property Insurance emphasizes that the value of microinsurance lies in lowering the barrier for vulnerable groups to obtain protection and, through cooperation mechanisms with local governments, ensuring that protection is precisely delivered to those in need. The company will continue to cooperate with local governments to provide basic protection for low-income and middle-low-income households.

Hongtai Life Insurance stated that microinsurance primarily targets lower-income individuals, vulnerable groups with specific statuses, and their family members. Its premiums are low, the application process is simple, and it is designed with a low threshold, allowing people who might otherwise be excluded from commercial insurance to have basic protection.

Microinsurance can be purchased on a group basis by the sponsoring unit or individually. Hongtai Life Insurance, through corporate sponsorship, has been cooperating with the "Elim Elderly Social Welfare Charity Foundation" and the Lioujiao Township Office in Chiayi County since 2015. Through a matching mechanism, it helps more families in need to purchase microinsurance, building an important line of defense to protect families.