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S&P: Total Sum Insured for Wang Fuk Court ~$2.6B; Financial Impact on CHINA TAIPING Manageable
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The No.5 alarm fire at Wang Fuk Court in Tai Po is expected to further erode underwriting profit margins in the property and casualty insurance sectors, according to rating agency S&P. However, due to the higher level of reinsurance arrangements among Hong Kong P&C insurers, reinsurers will bear the majority of the losses. A report said that the total sum insured for the Tai Po fire incident was approx. $2.6 billion, S&P added. Compared to China Taiping Insurance Group's net profit of $12 billion and net assets of approx. $120 billion for the whole 2024, the overall financial impact on the Group is manageable. Furthermore, if necessary, the Group is highly likely to receive extraordinary government support. However, the Group's overall property insurance business may still face underwriting pressure in 2025 due to this Tai Po fire incident. AASTOCKS Financial News Website: www.aastocks.com |
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