On 6 July, Macau SAR has launched the natural catastrophe property insurance scheme 2020 for local SMEs, with reinsurance backing from TPRe. As the leading reinsurer in Hong Kong and Macau markets, TPRe has worked closely with Macau SAR government and local insurers on this project, providing comprehensive technical and reinsurance support.
Led by government with participation of local insurers, this scheme was first introduced in August 2019 by the Monetary Authority of Macau and the Macau Economic Bureau, providing local SMEs with insurance coverage for property damage caused by typhoon and storm surge. Premium subsidies were offered to qualified applicants. To better protect local SMEs against natural catastrophe risks, in addition to the existing premiums subsidies, this year’s scheme has waived the policy deductible and stocks sub-limit while introduced no-claim discounts to renewal businesses.