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SME insurance scheme to cover black rainstorm damage in future

Alternatives cover losses from MOP 100,000 up to MOP 300,000; premium subsidy of up to 35% also on offer.

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Alternatives cover losses from MOP 100,000 up to MOP 300,000; premium subsidy of up to 35% also on offer.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 4:45 am

The government’s annual insurance scheme for financial losses suffered by small- and medium-sized enterprises (SME) caused by natural disasters will in future also cover black rainstorm damage.

The new terms will provide cover following the hoisting of a black rainstorm warning signal, as well as the existing cover for a No 8 typhoon signal, or a red storm surge warning signal, or more excessive conditions.

The extension of the coverage will also cover the government’s scheme of providing a subsidy of up to MOP 30,000 for eligible companies to pay the annual premium of their policy of the insurance scheme.

The government has been running the insurance scheme, officially known as Small- and Medium-sized Enterprises Major Disaster Property Insurance, since 2019 in collaboration with a number of insurance companies.

The insurance scheme is run and overseen by the Macao Monetary Authority (AMCM), while the subsidy scheme is operated by the Economic and Technological Development Bureau through its Industrial and Commercial Development Fund.

Eligible SMEs, which may employ up to 100 staff, can submit their applications (website available in Chinese and Portuguese only) from now until 30 December.

A total of 55 policies were issued under the insurance scheme between 2019 and last year, and all of the companies were granted a subsidy that covered part of the annual premium of their respective policies.

The MCM decided to extend the coverage of the insurance scheme after considering that Macao has been affected by extremely heavy rainstorms over the past few years, which caused flooding in various areas in the city.

As in previous years, this year’s insurance scheme will offer three plans for eligible companies, covering losses of MOP 100,000, MOP 200,000 and MOP 300,000. The annual premiums will be 25 per cent of their covered amounts, regardless of where the companies’ premises are situated.

The scheme will continue to offer discounts of up to 35 per cent on the premium for companies that renew their policy, provided that they have never claimed on their insurance under the scheme.

 

UPDATED: 22 Dec 2023, 4:45 am

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