HONG KONG INSURERS LIABLE FOR PAYOUTS OF US$334 MILLION RELATED TO DEADLY TAI PO FIRE
✍️ 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, which claimed 55 lives and seriously damaged seven buildings.
👉 The Insurance Authority has set up a special task force to ensure all insurance companies speed up their compensation processes for claims related to the fire.
👉 Many insurance companies have taken immediate action, such as setting up hotlines and simplifying claims processes, to provide additional help to those affected.
👉 Thousands of victims lost their homes after the massive blaze broke out on Wednesday in seven of eight buildings under renovation at Wang Fuk Court in the northern New Territories.
👉 The Hong Kong Federation of Insurers is taking proactive measures to help, such as waiving the need for death certificates to process death claims and offering holidays and grace periods on premium payment.
👉 The Hong Kong Monetary Authority and the Hong Kong Association of Banks are also taking steps to help the victims, including prioritising loan applications and waiving late repayment fees.
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