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Fitch: Tai Po Fire Claims Unlikely to Affect China Taiping Group Rating; Insurers May Tighten Future Requirements
2025-12-04 16:53:41 The property and liability insurance policies for Wang Fuk Court in Tai Po are underwritten by the Hong Kong subsidiary of China Taiping Insurance Group. Fitch Ratings expected that the incident will cause an upsurge in insurance claims in the short term, but it is unlikely to affect the rating of China Taiping Insurance Group, given the group's strong national background, diversified business, robust capital, and a series of reinsurance arrangements that will keep net losses within the rating sensitivity range. The agency believed that the fire will impact the profits of affected insurance companies over the next year, with heightened claims and cash outflows for non-life and reinsurance companies. This tragedy may also tighten market conditions, with insurers raising premiums, deductibles, and exclusions for high-rise building renovations and high-risk locations. Some companies may also pare back or withdraw underwriting capacity. ~ AASTOCKS Financial News Website: www.aastocks.com | |