Chen lamented that such a high premium was “unreasonable”.
Taxi insurance costs in Hong Kong rose by more than 20% in a span of a year – from an average of HK$28,050 in 2019 to HK$33,902 in 2020.
In response, the taxi industry is lobbying for permission from the government to either implement an HK$6 insurance surcharge or to allow them to raise fares by over 20%.
Meanwhile, insurers say the skyrocketing premiums were caused by high accident rates among taxis, as well as increasing damages sought by claimants involved in accidents.
According to the report, insurers servicing Hong Kong