Hong Kong insurers pay $33.4m after Tai Po fire

For life insurance, residents of Wang Fuk Court hold about 10,660 policies.

Insurers have paid out more than $33.4m (HK$257m) following the fire at Wang Fuk Court in Tai Po as of 19 December last year, according to the Insurance Authority (IA).

The IA said it has been working with the insurance industry to coordinate resources and assist affected residents.

For life insurance, residents of Wang Fuk Court hold about 10,660 policies issued by 36 insurers. These mainly cover whole life, annuity or endowment, and medical or critical illness plans.

Seventeen insurers involved in life insurance claims have contacted policyholders or beneficiaries for 149 cases.

Of these, 109 claims have been settled, with payouts totalling $5.4m (HK$41.5m). A further 40 claims are still being processed, with estimated payouts of around $1.5m (HK$11.8m).

For general insurance, residents hold about 1,800 policies issued by 35 insurers, mainly covering home, medical and personal accident insurance.

Thirty-four insurers have contacted policyholders or claimants for 1,038 claims, with payouts of about $26.5m (HK$204m).

Clement Cheung, chief executive officer of the IA, said the authority will continue to work with the industry to reach affected residents and provide support.

Selina Lau, chief executive of the Hong Kong Federation of Insurers, said insurers made special arrangements to pay more than $32.5m (HK$250m) in compensation within a short period following the fire.

($1.00 = HK$7.79)