Hong Kong Insurance Authority sets up task force for Tai Po fire

The Hong Kong Insurance Authority (HKIA) has expressed deep condolences to victims of a deadly fire at Wang Fuk Court in Tai Po which started on November 26 at seven under renovation tower blocks. 

As of Monday morning (December 1) 151 people have been reported killed, and many more people are still missing with a large emergency response from the Hong Kong authorities under way. Over 1,000 residents are sheltering nearby. The flames have now largely been extinguished and eight people have been arrested in connection with the fire. 

The HKIA also extended heartfelt sympathy to the families of the victims and the injured, and said it will do its "utmost to coordinate the insurance industry in providing support and assistance to those people who are affected."

The HKIA has set up a task force led by senior management 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”, according to a media release.

Stephen Yiu, chairman of the HKIA, said: “Functioning as a stabiliser for society, insurance must provide emergency assistance when serious events emerge."

Yiu added: "I'm 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.”

The HKIA said that it will maintain close liaison with the Hong Kong Federation of Insurers (HKFI). Members of the public can contact the HKFI Monday to Friday 9am to 5.30pm on (852) 2861 9367 and the HKIA on (852) 3899 9983. Life and health insurer AIA has set-up a 24-hour help desk at (852) 2232 8860, while AIA Hong Kong, staff and financial planners have donated HK$20 million ($2.57 million) to support communities impacted by the fire. 

Hong Kong's insurance sector is expecting claims from the fire to run into the hundreds of millions of US dollars. 

China Taiping Insurance (Hong Kong), a subsidiary of China Taiping Insurance Holdings, is understood to be the key insurer for the construction works at the site. 

A statement from China Taiping Insurance on its website said: “Regarding the insurance situation of the fire accident . . . in Tai Po, it is understood that China Taiping Insurance (Hong Kong) Limited (Taiping Hong Kong) underwrote the construction works insurance, construction employee compensation insurance, owners' corporation third-party liability insurance, property insurance, and public liability insurance for the . . . maintenance project, and also underwrote home insurance and domestic helper insurance for some residents.”

It added: “Taiping Hong Kong has swiftly activated its emergency response mechanism and will adhere to the principles of "quick and full compensation, and reasonable advance payment" in accordance with the insurance contract. The company will actively handle insurance claims and provide customer service, standing shoulder to shoulder with the community and making every effort to help affected residents overcome their difficulties."

The statement continued: "Taiping Hong Kong expresses its deepest condolences to the citizens who tragically lost their lives and the firefighters who bravely sacrificed their lives in the . . . fire, and extends its sincere sympathies to the families of the victims, the injured, and the affected residents.”

Meanwhile, DBS Hong Kong has donated HK$10 million to the Hong Kong Red Cross (HKRC), in response to the fire. 

DBS Hong Kong expressed "its deep sympathy and concern over this horrific tragedy, and stands in solidarity with the Hong Kong community during this time of immense grief and hardship."

The bank said that the donation will enable the Hong Kong Red Cross to provide immediate relief support to affected families, including clothing, water and warm food, temporary shelter, daily necessities such as hygiene and sanitary products, as well as mental health services to help those coping with trauma.

DBS Hong Kong said that it remains committed to supporting communities and will continue to provide necessary assistance to those impacted by this tragedy.

HSBC and Hang Seng Bank have pledged HK$30 million to post-fire relief efforts. 

Other banks, insurers and conglomerates in Hong Kong have also offered support to the victims, while the Hong Kong government has offered HK$10,000 for each family affected by the fire. The Hong Kong Jockey Club is also providing compensation to victims with an initial donation of HK$100 million through its Charities Trust. The upcoming racing on Sunday, November 30, set to take place behind closed doors with all proceeds going to the victims of the fire. 

The overall compensation for fund for victims has reached over HK$1.2 billion. Hong Kong started a three day period of mourning from Saturday, November 29, to Monday, December 1. 

The government has set-up an official website about the fire which can be accessed here. 

This is a developing story.