8,700 insurance policies identified as IA coordinates support for Tai Po fire victims

Following the deadly fire at Wang Fuk Court in Tai Po, the Insurance Authority (IA) has set up a dedicated task force to coordinate insurers in contacting injured victims and affected families, IA Chief Executive Clement Cheung Wan-ching said on Wednesday (Dec 3).

Cheung said the IA has been working with the Hospital Authority to obtain contact information for casualties and their families, allowing insurers to proactively provide support.

So far, around 1,100 non-life insurance policies and 7,600 life insurance policies potentially linked to the incident have been identified, he said, noting that the industry has responded swiftly and cooperatively.

Addressing reports that the engineering consultancy involved in the incident has shut down, Cheung said the claim process may involve legal considerations. The IA, as the regulator, will intervene and help coordinate when necessary. He added that insurers remain committed to assisting affected parties, and he believes any issues can be resolved.

Regarding future premium levels, Cheung said most Hong Kong insurers have reinsurance support, and that insurance is designed to spread risk. While he could not guarantee premiums would not rise, he said it is unlikely that a single incident would lead to Hong Kong policyholders bearing all related costs.