About 30 Hong Kong-based insurance companies, including AIA and Manulife, have issued 7,600 life insurance and 1,100 property policies to policyholders listed as residing at Wang Fuk Court, according to the Insurance Authority.
Insurance Authority CEO Clement Cheung Wan-ching said the authority had set up a special task force, led by senior executives, to urge all insurers to identify policyholders affected by the blaze at Wang Fuk Court last week that killed 159 people, injured 79 and left an estimated 4,000 residents homeless.
“Insurance companies are offering premium holidays for the policyholders, waiving or cutting interest on policy loans, and most importantly, they are simplifying the claims process for speedy compensation,” Cheung said on Wednesday.
Hong Kong’s insurance sector was expected to face record claims of over HK$2.6 billion (US$334 million) in property, medical and life insurance compensation related to the city’s worst fire in seven decades that seriously damaged seven of the eight buildings in the estate, according to industry insiders.
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Residents return to collect belongings from tower that survived deadly Tai Po blaze
Residents return to collect belongings from tower that survived deadly Tai Po blaze
While residents of Wang Fuk Court held 7,600 active life and 1,100 property policies in total, it is unclear how many of them would claim compensation. Cheung said the authority would provide an update soon.
