Hong Kong Insurance Task Force Formed for Fire Tragedy
Hong Kong’s independent insurance regulator has set up a task force dedicated to assisting victims of the city’s tragic fire incident.
Hong Kong's Insurance Authority (IA) has set up a task force led by its senior management dedicated to the Tai Po fire incident, according to a statement. Its focus is to «press ahead with the work carried out by relevant insurers and ensure that adequate resources are deployed by the industry to handle enquiries and claims».
«I am aware that the insurance companies have taken immediate contingency measures after occurrence of the fire, set up dedicated hotlines, streamlined and sped up claims procedures, and offered additional assistance beyond the policy coverage to help those people who are affected overcome their difficulties,» said IA chairman Stephen Yiu.
According to an «SCMP» report citing industry insiders, Hong Kong’s insurance sector is expected to face record claims of HK$2.6 billion (US$334 million) due to the fire. Thus far, the tragedy's death toll has reportedly reached 94.
