The Monetary Authority of Macau (AMCM) and the Macau Economic Bureau (DSE) have introduced natural disasters small, medium enterprises (SME) insurance plan and respective financial support plan, to cover for commercial property damage caused during a Signal 8 Typhoon or red storm surge warning and above.
Interested businesses can apply to the insurance plan and financial support scheme until December 31 of this year, with the Industrial and Commercial Development Fund (FDIC) covering financial support for the plan.
SMEs can purchase major disaster insurance for each business establishment, with insurance values ββat MOP100,000 (US$12,413), MOP200,000 and MOP300,000 and corresponding premiums at MOP25,000, MOP50,000 and MOP75,000, respectively.
Due to the high risks of such insurance, at present only one foreign reinsurer – China Taiping from Hong Kong – will provide it, with five local insurers to provide policy acceptance and compensation services.
Considering the large number of claims that usually follows major disasters, insurers will also be allowed to speed up the procedures for the payment of insurance claims.
To reduce the financial burden to SMEs, the FDIC will cover half or an amount until MOP30,000 – whichever is lower – of the total annual premium for eligible SMEs.
If applications include all the necessary documents, the results of the appraisal can usually be issued within 14 days, and the support funds will be transferred by bank transfer within 45 days from the effective date of the policy.
This insurance scheme will be held on a trial basis for a one-year period.
















