SEHK:966Insurance
China Taiping (SEHK:966) Faces Major Fire Claims How Resilient Is Its Risk Management Strategy?
A deadly fire that previously ripped through seven high-rise towers in Hong Kong is expected to trigger a surge in insurance claims, with China Taiping Insurance (Hong Kong) reportedly exposed to more than US$200 million through coverage of the apartment complex and its renovation contractor.
Fitch Ratings has indicated the incident is likely to temporarily lift the insurer’s combined ratio and modestly erode capital, but without jeopardizing its current credit rating.
With this backdrop,...