Hong Kong insurance: ‘Once-in-500-years’ September rainstorm triggered US$244 million of claims, second only to Mangkhut-linked losses

The city’s 104 general insurers received a combined HK$1.54 billion worth of claims for damage done by the devastating black rainstorm in September

Claims related to property damage represented 86 per cent of claims related to the two extreme weather events in September

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A yacht washed ashore during Super Typhoon Saola in September. Photo: Denise Tsang

Published: 6:00am, 5 Dec 2023Updated: 9:51am, 5 Dec 2023

Hong Kong’s insurance industry received a total of HK$1.9 billion (US$243.6 million) in claims related to damage caused by a devastating black rainstorm and Typhoon Saola in September, making them among the highest claims on record.

The city’s 104 general insurers received a combined HK$1.54 billion worth of claims filed by the owners of cars, businesses and property for the damage done by the black rainstorm on September 7 and 8, according to data from the Insurance Authority released on Monday. Saola separately prompted HK$361 million of claims on September 1.

The rainstorm triggered the second-highest in claims, behind only the record HK$3.1 billion paid out in 2018 in the wake of Typhoon Mangkhut. In comparison, only HK$858 million was paid out on Typhoon Hato in 2017, while the outbreak of Severe Acute Respiratory Syndrome in 2003 involved only HK$325 million of claims.