The Policyholders' Protection Board (PPB) has paid out £28,000 in compensation to UK policyholders of HIH's UK subsidiary, HIH Casualty & General Insurance Co Ltd.
A PPB spokesman told Insurance Times “most policies have been processed”. So far 78 policies, mostly travel insurance and professional liability, have been paid.
HIH went into provisional liquidation in March this year and was placed into formal liquidation this week. KPMG, the liquidator, now estimates the total value of HIH's losses could be as high as £1.9bn (AUS$5.3bn).
