Ongoing unrest in Hong Kong has led insurance claims to reach around $77 million – the third-highest amount in the city’s history by incident.
Unrest in Hong Kong has led to damages of various mainland China-linked entities, most notably local rail operator MTR and lenders such as Bank of China. The $77 million insurance claim surpassed the $41 million linked with the SAR (severe acute respiratory syndrome) epidemic in 2003, according to the Hong Kong Federation of Insurers.
The top-ranked incident was September 2018’s Typhoon Mangkhut which led to insurance claims of $400 million, followed by 2017’s Typhoon Haito which totaled $109 million of claims.
Breakdown
MTR alone may seek up to $13 million (HK$100 million), according to an «SCMP» report citing an anonymous source’s estimate, while banks and shops may seek another $13 million to rebuild outlets, branches and ATMs.
Another $52 million of claims could be made by shops, banks and hotels for losses related to business interruption. Affected event organizers and travelers were also likely to file insurance claims, the report added.
«The terms and conditions of some insurance policies will provide coverage for loss arising from strike, riot and civil commotion (SRCC), whilst others will specifically exclude it,» according to a spokesperson for Hong Kong's Insurance Authority.
