Insurance companies in Macau have estimated the losses caused by Typhoon Hato in August to have reached P2.9 billion (US$362.5 million).

This was revealed by Chan Sau San, the new chairman of the Monetary Authority of Macau (AMCM), on the sidelines of his inauguration ceremony.

So far, insurers in Macau have paid out a total of P20 million in claims mostly related to death or injury compensation.

Chan also took notice of the speed with which insurers have handled procedures, with the AMCM not receiving any complaints regarding payments.

The AMCM will continue to work with both the insurers and the Macau Insurers’ Association to help enterprises in the territory deal with calamities, such as typhoons.

Macau suffered an economic loss of about P11.47 billion, with small and medium-sized enterprises alone reporting losses of P3.63 billion, after the city took a major hit from Typhoon Hato in August.