Spread across roughly 30 companies, Mr Cheung noted that 7,600 are life-insurance policies while 1,100 are non-life insurance related.
Speaking after attending a regional insurance conference, Cheng also said a dedicated task force had been set up by the authority to help coordinate with the industry over compensation and claims for those affected by the blaze, adding that all of the insurers had been “very fast and cooperative”.
“For example, we’ve asked all active insurers in Hong Kong to look into their data base and find clients whose addresses are at the [Wang Fuk Court] housing estate, this is one of the most direct ways,” he told RTHK.
“And for those who are injured and hospitalised, maybe it’s not easy for them to find their insurance agents, so we’ve also reached out to the Hospital Authority to see if they can help pass the insurers’ contact information to patients.
“Also for families of the deceased or the injured, maybe some don’t know if their family members have bought insurances or not, we’ll also help them to find out,” he said.
Separately, when asked if the tragedy might push up future premiums, given the large amount of claims involved, Cheung said he cannot rule out the possibility, but stressed that the compensation for this fire would not be solely covered by Hong Kong firms.
“Everybody should understand that insurance is about managing risks, so we call it sharing risks with each other. But also don’t forget that all insurers also have reinsurance, meaning there’ll be re-insurance firms supporting them globally,” he said.
“I can’t say for sure that the premium would not increase, but I’m just telling everyone that this single event would not have to be fully covered by the premium in Hong Kong, as there’ll be also re-insurance firms sharing part of the impacts,” he said.
Earlier at the Insurtech Insights Asia 2025, Secretary for Financial Services and the Treasury, Christopher Hui, called on the insurance industry to continue to honour its tradition of offering services to build a “caring society”.
“The swift and compassionate response from our insurance sector — facilitating claims processes with efficiency and empathy — has provided vital support to those affected, underscoring the sector’s enduring role as a pillar of societal resilience,” he said.
