Typhoon Hato claims in Macau reach US$363m

Huge financial losses in hotel and casino industries compose bulk of claims

Typhoon Hato claims in Macau reach US$363m

Insurance News

By Gabriel Olano

Insurance claims filed in Macau in the wake of Typhoon Hato have reached MOP2.9 billion (US$363 million), according to Benjamin Chan Sau San, newly appointed president of the Macau Monetary Authority (AMCM).

Typhoon Hato, which hit Macau on August 23 and brought severe flooding, was the strongest storm to hit the special administrative region in 53 years.

Chan revealed that, as of Monday, the local insurance sector received 1,900 insurance claims amounting to MOP2.9 billion, most of which were for financial losses, reports Macau News.

According to Chan, the AMCM has not received any complaints regarding insurers refusing to pay out on Hato-related claims. Macau is well known for its casinos and hotels, and the typhoon caused considerable losses to these sectors.

Ten people died and 244 were injured by the typhoon, which also caused massive disruptions in water and power supply for several days. Around MOP20 million (US$2.48 million) in claims were paid out in connection to injuries or deaths.

When asked about the possible effects of Hato on Macau’s insurance industry, Chan said that local insurers remain financially sound and that these firms have safety measures in place to ensure the sector’s stability.

Before his recent appointment as president of AMCM in August, Chan was part of the regulator’s administrative committee since 2015. He joined the organisation as director of its research and statistics office in 2001, after a stint with the Hong Kong Monetary Authority.

Related stories:
Typhoon Hato to have limited impact on Macau insurers – A.M. Best
Storm-hit ship leaking oil into Hong Kong’s waters
Up to US$1 billion in losses expected after typhoon batters Hong Kong

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