Tropical Cyclones in 2018 > Annex 1: Estimated Direct Economic Losses in Hong Kong caused by Super Typhoon Mangkhut (1822)
Annex 1 Estimated Direct Economic Losses in Hong Kong caused by Super Typhoon Mangkhut (1822)
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1. Data collection (A) Losses reported by government departments, public utility companies and other organizations The Hong Kong Observatory conducted a survey to collect data on damages and economic losses caused by Super Typhoon Mangkhut from the following government departments, public utilities and other organizations between April and October 2019: Agriculture, Fisheries and Conservation Department, Architectural Services Department, Building Services Department, Civil Aviation Department, Civil Engineering and Development Department, Drainage Services Department, Electrical and Mechanical Services Department, Environmental Protection Department, Fire Services Department, Food and Environmental Hygiene Department, Government Property Administrator, Highways Department, Home Affairs Department, Housing Department, Lands Department, Leisure and Cultural Services Department, Marine Department, Social Welfare Department, Water Supplies Department. China Light and Power Company Limited, China Mobile Hong Kong Company Limited, City Bus Limited, Discovery Bay Transportation Services Limited, HGC Global Communications Limited, Hong Kong and China Gas Company Limited, Hong Kong Airport Authority, Hong Kong Broadband Network Limited, Hong Kong Electric Company Limited, Hong Kong Red Cross, Hong Kong Railway Company Limited, Hong Kong Telecommunications Limited, Hong Kong Tramways Limited, International Global Communications Network (Hong Kong) Limited, Kowloon Motor Bus Company (1933) Limited, New World First Ferry Services Limited, Park Island Transport Company Limited, Peak Tramways Company Limited, Shun Tak China Travel Shipping Management Limited and the “Star” Ferry Company, Limited. Reference was also made to the statistics from the written reply by the Secretary for Development at the Legislative Council meeting on “Preparation for and follow-up work after the onslaught of typhoons” on 5 June 2019[1]. As of 31 October 2019, the losses reported from government departments, public utilities and other organizations amount to HK$909,787,790. To avoid double counting the insurance claims data in part (B), items with insurance claims covered have been excluded. (B) Insurance claims data The insurance claims statistics incurred by Super Typhoon Mangkhut in Hong Kong are provided by the Hong Kong Federation of Insurers (HKFI) based on its member surveys[2]. The statistics were collected from 54 insurance companies in Hong Kong, accounting for around 80% of the market share according to the Annual Statistics for General Business 2017 issued by the Insurance Authority. The insurance claims incurred as of March 2019 are as follows :
Adjusted by market share of the participating companies (80%), the insurance claims incurred by Mangkhut is estimated to be (HK$ 2,806,698,755 + HK$ 143,987,521) / 80% = HK$ 3,688,357,845 2. Estimation of direct economic losses caused by Super Typhoon Mangkhut The estimated direct economic losses due to Mangkhut in Hong Kong are considered to be the sum of (A) total reported losses of government departments, public utilities and other organizations (net of related insurance claims) and (B) insurance claims (adjusted by market share of companies participating in the survey): 3. Disclaimer The estimated direct economic losses are based on the best available information from the responses of government departments, public utilities and other organizations to the survey conducted by the Hong Kong Observatory, statistics on insurance claims collected from the members of the Hong Kong Federation of Insurers and other relevant government reports at the time of assessment. The estimates are for reference only as the data collection are by no means exhaustive and may be subject to various limitations in the survey responses and analysis method. References [1] Written reply by the Secretary for Development at the Legislative Council meeting on “Preparation for and follow-up work after the onslaught of typhoons” on 5 June 2019. https://www.info.gov.hk/gia/general/201906/05/P2019060500373.htm [2] HKFI, 2019 : Insurance Mitigates Public Losses Caused By Natural Hazards, Press release on 1 August 2019. https://www.hkfi.org.hk/press/20190801_typhoon_eng.pdf Acknowledgement The Hong Kong Observatory gratefully acknowledges the government departments, public utilities and other organizations involved in the survey, the Hong Kong Federation of Insurers for providing insurance claims, and the Census and Statistics Department for providing professional advice to the survey and analysis methods of economic losses. |