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Hong Kong’s insurance sector is expected to face record claims of HK$2.6 billion (US$334 million) related to the deadly fire in Tai Po, the worst in seven decades that claimed 55 lives and seriously damaged seven buildings, according to industry insiders.
The fire would lead to a surge in insurance payments for personal and property coverage in the coming year, they said.
The Insurance Authority on Thursday set up a special task force led by senior executives to ensure all insurance companies sped up their compensation processes for claims related to the fire in which nearly 280 people were still missing. Among those hospitalised, 45 were in serious condition.
“Many insurance companies have already taken immediate action, such as setting up hotlines, as well as simplifying and speeding up the claims process to provide additional help to those affected to cope with the tough times,” said Stephen Yiu Kin-wah, chairman of the Insurance Authority, in a statement.
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Video timeline of the events that unfolded during Hong Kong’s deadly fire in Tai Po
Video timeline of the events that unfolded during Hong Kong’s deadly fire in Tai Po
Thousands of victims lost their homes after a massive blaze broke out on Wednesday in seven of eight buildings under renovation at Wang Fuk Court in the northern New Territories. The blaze was only brought under control on Thursday afternoon.
