Hong Kong insurers settle 85% of Wang Fuk Court fire claims worth $66.3m

IA confirms 1,032 claims closed but inspections stall final 156 cases.

Hong Kong’s Insurance Authority (HKIA) said most insurance claims linked to the Wang Fuk Court fire have been processed, with insurers completing 85% of all cases so far.

The regulator said 1,032 claims have been settled, involving almost $66.3m (HK$510m) in payouts.

Amongst general insurance claims, 863 out of 1,030 cases, or 84%, have been completed, covering around $58.5m (HK$450m).

For long-term insurance, 169 out of 188 claims, or 90%, have been settled, involving about $7.8m (HK$60m).

The HKIA said it has been working with insurers to assist affected residents and is closely monitoring the progress of claims processing following the incident.

HKIA Chief Executive Officer Clement Cheung said most claims have been settled based on fair treatment of customers, whilst the remaining cases require on-site inspections and damage assessments. 

He added that the HKIA will continue to coordinate with the Hong Kong Federation of Insurers to follow up on outstanding claims.

($1.00 = HK$7.81)