Hong Kong insurers have settled the vast majority of insurance claims arising from the Wang Fuk Court fire, with 85 per cent of cases now concluded, according to the city’s Insurance Authority (HKIA).
As of the latest update, insurers have closed 1,032 claims, totalling approximately $66.3 million (HK$510 million) in payouts. The remaining 156 claims are yet to be finalised, pending on-site inspections and damage assessments.
The breakdown of settlements between general and long-term insurance illustrates the extent of the progress made:
| Insurance Type | Total Claims | Claims Settled | Percentage Settled | Payouts ($m) | Payouts (HK$ m) |
|---|---|---|---|---|---|
| General Insurance | 1,030 | 863 | 84% | 58.5 | 450 |
| Long-Term Insurance | 188 | 169 | 90% | 7.8 | 60 |
| Total | 1,218 | 1,032 | 85% | 66.3 | 510 |
HKIA Chief Executive Clement Cheung said the regulator has been actively working with insurers to ensure affected residents receive fair and timely compensation. He emphasised that the majority of claims have already been settled in line with the principles of fair customer treatment.
“While most claims have been processed, the remaining cases require detailed on-site inspections and assessments of the damage,” Cheung explained. “We will continue to coordinate closely with the Hong Kong Federation of Insurers to follow up and expedite the resolution of these outstanding claims.”
The Wang Fuk Court fire, which triggered a large-scale insurance response, has tested the city’s claims-handling infrastructure. The HKIA’s ongoing monitoring aims to ensure transparency and that residents are not left waiting for prolonged periods before receiving compensation.
With the exchange rate at $1 = HK$7.81, the total settlement value underscores the significant financial impact of the fire on both residents and insurers.
The HKIA reassured policyholders that it remains committed to facilitating the claims process, providing guidance to insurers, and ensuring that all legitimate claims are handled promptly and equitably.