Macau insurers estimate losses of US$362.5 million from typhoon Hato

20 September 2017

The damage caused by typhoon Hato in Macau amounted to 2.9 billion patacas (US$362.5 million), according to estimates by insurance companies, the new chairman of the Monetary Authority of Macau said on Tuesday.

Chan Sau San also said that to date pay outs total 20 million patacas, most of which are related to compensation for death or injury.

“The insurers have handled procedures as quickly as possible and we have not received any complaints regarding compensation payments so far,” Chan said on the sidelines of the inauguration ceremony as chairman of the Monetary Authority of Macau (AMCM).

Chan gave assurances that the Monetary Authority maintains “very close communication” with both the insurers and with the Macau Insurance Association, and it was expected that the association will consider the measures to be taken to help small and medium-sized enterprises in the territory.

“We are still considering whether to ask companies to store products in a higher place to prevent flood damage,” said Benjamim Chan, according to the local media. (macauhub)