Hong Kong Insurers Brace for $334M Claims After Deadly Wang Fuk Court Fire

Approximately 30 Hong Kong-based insurers, including AIA and Manulife, have issued 7,600 life insurance and 1,100 property policies to residents of Wang Fuk Court, the site of a recent deadly fire. The Insurance Authority has formed a special task force to assist insurers in identifying affected policyholders and facilitating claims processing. Insurers are offering premium holidays, reducing interest on policy loans, and streamlining claims to accelerate compensation. Industry experts anticipate insurance claims exceeding HK$2.6 billion (US$334 million) across property, medical, and life insurance sectors due to the fire, which caused significant damage and displaced around 4,000 residents. While the total number of claims is still undetermined, the Insurance Authority plans to provide an update shortly.