Following the fire at Wang Fuk Court in Tai Po, Hong Kong insurers are expanding financial relief and speeding up claims processing for affected residents. Regulators, industry bodies, and leading insurers are contacting injured individuals and bereaved families to ensure prompt support.
As of 3 December, approximately 8,700 policies may be affected, including 1,100 non-life policies and 7,600 life policies. IA Chief Executive Clement Cheung stated that a task force has been formed to guarantee fast communication and claims resolution for those impacted.
The IA is coordinating with the Hospital Authority to collect contact information for casualties and their families, allowing insurers to engage directly.
An engineering consultancy involved in the incident has ceased operations. Cheung indicated that some claims may involve legal issues, and the IA will mediate if necessary. Insurers continue to manage claims related to the fire.
Insurers have implemented measures such as advance cash payments, premium holidays, agent outreach, death certificate waivers, and reduced or waived interest on policy loans to expedite access to benefits.
Prudential Hong Kong and Standard Chartered Bank (Hong Kong) announced a one-off emergency payment of HK$20,000 for each hospitalised individual. Chubb Group pledged HK$10 million to support emergency aid, mental health services, and the Hong Kong Red Cross.
AJ