MOP600M of typhoon damage compensation still unpaid

The insurance companies of Macau still owe people and companies some 600 million patacas in compensation for damages related to the passage of Typhoon Hato in 2017 and Typhoon Mangkhut in 2018, the Monetary Authority of Macao (AMCM) acknowledged in the 2019 Annual Report, which was published in the government’s Official Gazette.
According to the report, which has a chapter dedicated to the topic, as of the end of 2019, the insurance sector has settled claims for damages related to the typhoons in full or in part in the amount of 3.2 billion patacas, out of an estimated total of 3.8 billion patacas.
In the report, the monetary authority states that they have maintained close communication with insurers during this period to ensure solid operations. They state that claims were processed on time, recalling that to help small and medium-sized enterprises (SMEs) deal with the damage caused by the typhoons and other major disasters, AMCM had launched a special “Property Disaster Insurance for SMEs” in August 2019. This insurance scheme aims to provide these companies with adequate tools to face major disasters. It creates an insurance mechanism that reduces the risks faced by SMEs, by making use of financial support provided by the government that allows companies to save up to 50% of their annual insurance premium up to 30,000 patacas. RM