The Insurance Authority (IA) of Hong Kong released significant claims data reflecting the impact of two extreme weather events in early September – Typhoon Saola and a severe black rainstorm.
The data, compiled from the insurance industry, indicates that the total gross claims incurred from these events reached approximately $1.9 billion. Analysis of the claims reveals that property damage and motor insurance were the most impacted sectors, accounting for 86% and 9% of the total gross claims, respectively.
MM Lee, the acting head of general business at the IA, commented on the situation, highlighting the increasing threat of climate change.
“With the alarming surge in both frequency and intensity of extreme weather events, we must not underestimate the devastating impact they impose on our economy and community. Insurance can play an important role as a safety net in providing urgent relief and mitigating losses for businesses and individuals in face of climate hazards. Unleashing the social value of insurance can help support recovery efforts and enhance our community resilience,” Lee said.
Sally Wan, chairman of the General Insurance Council of the Hong Kong Federation of Insurers (HKFI), also addressed the issue. She stressed the importance of having sufficient insurance coverage for both individuals and communities.
“The HKFI remains committed to raising awareness about the significance of insurance in safeguarding properties and communities and will continue working with the IA on this front,” Wan said.
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