The Hong Kong Insurance Authority (HKIA) has reported that approximately 85 per cent of insurance claims arising from the Wang Fuk Court fire have now been settled. Out of a total of 1,218 claims, 1,032 have been closed, with around USD 66.3 million (HKD 510 million) paid to affected policyholders. The remaining 156 claims are still undergoing on-site inspections and detailed assessments of damages.
A breakdown of claim settlements by insurance type is as follows:
| Insurance Type | Total Claims | Settled Claims | Settlement Rate | Paid (USD m) | Paid (HKD m) |
|---|---|---|---|---|---|
| General Insurance | 1,030 | 863 | 84% | 58.5 | 450 |
| Long-Term Insurance | 188 | 169 | 90% | 7.8 | 60 |
| Total | 1,218 | 1,032 | 85% | 66.3 | 510 |
Clement Chiang, Chief Executive of HKIA, emphasised the regulator’s commitment to timely and fair compensation. “We are working closely with insurers to ensure affected residents receive appropriate and prompt payments. While the majority of claims have been settled, the remaining cases require detailed on-site assessments to accurately determine the extent of losses,” he said.
He added that HKIA is coordinating with the Hong Kong Federation of Insurers to expedite the resolution of outstanding claims. “Our goal is to ensure no resident waits unduly long and that all valid claims are settled fairly,” Chiang noted.
The Wang Fuk Court fire has tested the resilience and efficiency of Hong Kong’s insurance claims framework. HKIA’s regular oversight ensures transparency throughout the process, guaranteeing that compensation reaches claimants as swiftly as possible. With the USD-HKD exchange rate at 1:7.81, the total disbursed amount of approximately HKD 510 million reflects the significant financial impact of the fire.
HKIA has also assured residents that it will continue to liaise with insurance companies to maintain a streamlined, fast, and equitable claims process. Additional guidance and support remain available for those most severely affected, preventing any further financial hardship.
The swift settlement of these claims is being viewed as a model of effective claims management within Hong Kong’s insurance industry, demonstrating both regulatory oversight and operational efficiency in responding to major urban disasters.