Hong Kong insurers recount the cost of typhoon Mangkhut

The Hong Kong Federation of Insurers yesterday (1 August) offered a revised estimate of the cost of the damage inflicted by the super typhoon Mangkhut that ripped through the territory on 16 September 2016.

Based on the statistics of 54 insurance companies that together account for 80% of market capacity, chairman of the General Insurance Council of the HKFI, Mr Eric Hui, said:

“Typhoon Mangkhut struck Hong Kong on 16 September 2018 and caused severe damage to the city. The total amount of claims exceeded the figure we first collected until November 2018 by HK$200m (US$25.6m) and reached HK$3.1bn. On the other hand, the actual number of claims experienced a slight drop to 30,203.”

Mr Hui added: “We are more concerned about the safety of public when typhoon battered the city. In view of the rising concerns towards catastrophic losses and their impacts on our community, the GIC collected second round claims data for all lines of business being affected by Typhoon Mangkhut and provided a more holistic picture.”

Marine insurance business including cargo, hull and marine liability took the third biggest hit with claims incurred valued at HK$106.97m

Property damage, business interruption and contractors all risks was the most deeply impacted classes of business with total claims incurred now assessed at more than HK$2.8bn.

Together, employees compensation, motor and travel has received claims worth nearly HK$144m.

Mr Clement Hau, chairman of the HKFI’s Fire Insurance Association, said, “In the second round of data collection, close to 74% of the total claims, i.e. over HK$2.26bn, was incurred by property damages. The enormous amount in claims duly reflects the vital social function being performed continuously by the insurance industry in mitigating the economic burden and retaining social stability against natural disasters.

“We are also working closely with other professional associations and government bodies to study the impact of climate change in order to have better risk forecast and more effective risk mitigation for the good of our society.”

Source:hongkongmaritimehub

Please Contact Us at：

admin@xindemarine.com