Nearly 12,000 insurance policies related to Tai Po fire identified, regulator says

The Tai Po fire has involved 1,800 property and casualty insurance policies and 10,000 life insurance policies, with each category involving 35 companies, according to the Insurance Authority.

The 1,800 property and casualty insurance policies primarily cover home insurance, personal accident, domestic helper insurance and the 10,000 life insurance policies mainly involve whole life insurance, medical and critical illness insurance, and annuity insurance.

Cheung further noted that insurance companies have been working diligently to update policy data for affected policyholders and will proactively reach out to policyholders, expediting the claims process.

Cheung said that the total payout amount will not be disclosed at this time and  urged the public not to be concerned, noting that the implementation of a risk-based capital regime in Hong Kong's insurance sector last year has enhanced the capital quality, asset-liability matching, and risk management capabilities of insurance companies.