Tai Po Hong Fu Court Level 5 Fire | The Insurance Authority found 1,100 property insurance and 7,600 life insurance policies, CHINA TAIPING's first batch of compensation is 5.37 million

After the five-alarm fire at Tai Po Hong Fu Court, the Chief Executive of the Insurance Authority, Zhang Yunzhen, revealed today (3rd) after attending a forum that the authority has established a dedicated task force to follow up on the Tai Po Hong Fu Court fire. Currently, 1,100 property insurance policies and 7,600 life insurance policies related to the incident have been identified. Regarding whether the closure of the involved engineering consulting company will affect claims, Zhang emphasized that insurance is a contract. Although there are legal considerations involved, he believes the issues will ultimately be resolved, and the Insurance Authority, as the regulatory body, will also intervene and attempt to coordinate.

Premiums are unlikely to increase due to a single incident

According to media reports, Zhang indicated that the dedicated task force established by the Insurance Authority is primarily aimed at locating the insurance policies involved in the fire and ensuring that the claims resources and processes run smoothly. He also mentioned that they have proactively contacted almost all active life insurance companies in Hong Kong, all of which are willing to assist.

Regarding future insurance pricing issues, he stated that most insurance companies in Hong Kong are backed by reinsurance companies, and insurance is a risk-sharing mechanism. Although he cannot assert that premiums will not increase in the future, he believes that they will not be entirely borne by Hong Kong premiums due to a single incident.

Related article: The total compensation for the Tai Po Hong Fu Court five-alarm fire may reach 2.6 billion; Hong Kong's property insurance profits are likely to be under pressure.

CHINA TAIPING: First batch of 9 home insurance claims exceeds 5.37 million

On the other hand, China Taiping Insurance (Hong Kong), which underwrote the maintenance project for the estate, announced that it has recently completed the compensation work for the first batch of 9 home insurance claims related to the fire incident, totaling 5.372 million HKD.

Related article: Compensation for Hong Fu Court property insurance reportedly capped at 2 billion; China Taiping confirms underwriting, including comprehensive construction insurance, emphasizing "full compensation" and has contacted the corporation and clients