HK typhoon-related claims set to top record US$500mil in 2023

Flood water covers the floor of a shopping mall in Hong Kong on Sept 8, 2023. - AFP

HONG KONG (Bloomberg): Hong Kong insurance claims caused by natural disasters may climb to a record and exceed US$500 million this year should approaching Typhoon Koinu add to this storm season’s damages, according to Bloomberg Intelligence.

The city’s heaviest rainstorm on record, coupled with damages from Typhoon Saola - the strongest storm to hit the city in five years - in September are largely to blame, Bloomberg Intelligence analyst Steven Lam said in a note on Wednesday (Oct 4). But Koinu, which might skirt the city later this week, could add to that total if it brings heavy rains to the city, Lam wrote.