The government’s annual insurance system for economic losses suffered by small and medium-sized enterprises (SMEs) due to natural disasters will also cover the damage caused by black storms in the future.
The new conditions provide a post-roll cover for the black storm warning signal, and an existing cover for the 8th typhoon signal, red storm surge warning signal, or more excessive conditions.
The extension of coverage also covers the government’s system in which eligible companies provide up to 30,000 MOP of subsidies to pay annual premiums for insurance policies.
Since 2019, the government has worked with many insurance companies to operate an insurance system, officially known as SME Catastrophe Property Insurance.
The insurance system is operated and supervised by the Macau Monetary Authority (AMCM), and the subsidy system is operated by the Bureau of Economic and Technological Development through the Industrial and Commercial Development Fund.
Eligible SMEs with the potential to employ up to 100 staff can submit an application ( Chinese When Portuguese Only) From now until December 30th.
Between 2019 and last year, a total of 55 insurance policies were issued under the insurance scheme and all companies were subsidized to cover a portion of their annual premiums.
MCM has decided to expand its insurance coverage in light of the fact that Macau has been affected by the most severe storms in the last few years and floods have occurred in different parts of the city.
Similar to last year, this year’s insurance scheme offers three plans to eligible companies, covering losses of 100,000 MOP, 200,000 MOP and 300,000 MOP. The annual premium is 25 percent of the compensation, regardless of where the company’s premises are.
Under this scheme, if the company that renewed the insurance policy has never claimed insurance, it will continue to offer a discount of up to 35% on insurance premiums.