About MOP3.2 bln paid in Hato/Mangkhut Typhoons insurance claims

The Monetary Authority of Macau (AMCM) indicated in its 2019 annual report that about MOP3.2 billion (US$400.8 million) of a total MOP3.9 billion in insurance damage claims connected to Typhoon Hato and Mangkhut had been partially or totally paid by insurance companies.

Typhoon Hato in August 2017 is estimated to have caused MOP11.4 billion in losses, with Typhoon Mangkhut in September 2018 estimated to have caused MOP1.74 billion.

According to the report – firstly mentioned by TDM radio – the AMCM has maintained close communication with insurers to ensure that claims were processed in proper time.

In August 2019 the AMCM launched a Property Disaster Insurance for Small and Medium-sized Enterprises to help to cover damages caused by tropical storms and natural disasters.

The Macau Economic Bureau (DSE) has also launched a financial support plan providing property insurance against major disasters for SMEs, with a subsidy covering 50 per cent of the total annual premium, up to the maximum amount of MOP30,000.