Hong Kong insurers move to help fire victims claim payouts on 12,000 policies

The Hong Kong Insurance Authority has directed insurers to move quickly to assist victims of the Tai Po fire by directly contacting policyholders to help them claim compensation for about 12,000 insurance policies, according to CEO Clement Cheung Wan-ching.

Cheung on Monday updated the figures on insurance policies affected by the 43-hour blaze that started on November 26 at Wang Fuk Court, saying 35 life insurance companies – including AIA and Manulife – had identified 10,000 life, medical and annuity policies owned by residents of the estate.

Another 35 general insurance companies had issued 1,800 policies covering property, personal accidents and domestic helpers.

The tally has increased from initial estimates last Friday, when the authority said about 30 insurers had issued 7,600 life policies and 1,100 general insurance policies to Wang Fuk Court residents.

Cheung said the identification work was complete, and the total number should not increase further.

“Now we have started the next stage of work by asking all insurance companies’ staff and agents to directly contact policyholders to make claims and provide immediate payments if needed,” Cheung said on the sidelines of the Asian Insurance Forum in Hong Kong. “This will provide immediate help to the victims, and that is the important role played by the insurance sector of Hong Kong.”