Hong Kong’s insurance regulator has set up a taskforce to ensure adequate resources are deployed to handle inquiries and claims after last week’s devastating apartment complex fire.

“Functioning as a stabiliser for society, insurance must provide emergency assistance when serious events emerge,” Insurance Authority chairman Stephen Yiu said. 

“I am aware that the insurance companies have taken immediate contingency measures after ... the fire, set up dedicated hotlines, streamlined and sped up claims procedures, and offered additional assistance beyond the policy coverage to help those people who are affected overcome their difficulties.”

The authority says it will liaise with the Hong Kong Federation of Insurers.

The Tai Po complex blaze started on Wednesday afternoon, quickly spread across several high-rise buildings and was not extinguished until Friday.

The death toll has risen to at least 146. About 150 people are still missing. 

The South China Morning Post reports the insurance sector is expected to face record claims of $HK2.6 billion ($509 million) related to the fire. 

The Hong Kong Federation of Insurers says companies are simplifying and expediting claims processes, offering cash allowances for home policyholders and rallying agents to provide immediate help. It has set up a hotline to support victims. 

“We are devastated by the tragic fire, and our hearts go out to the victims and their families,” federation CEO Selina Lau said. “Our member companies are fully equipped to assist victims in their time of need, providing resources and support to help them through this difficult journey towards recovery.” 

Other measures will include offering premium holidays or extending grace periods for payment, and waiving death certificates for some claims.  

The apartment complex – including eight buildings with at least 30 storeys – was undergoing renovations. Bamboo scaffolding and mesh netting covered exteriors and polystyrene foam panels were preventing damage to windows. 

Hong Kong Security Secretary Chris Tang said it was believed the fire started on netting outside lower floors and spread rapidly as foam boards caught fire and glass shattered. 

The Hong Kong Bar Association has appealed to members to sign up for a pro-bono scheme to help victims. It says people should quickly contact insurers to minimise the possibility claims might be rejected.