The devastating fire in Tai Po is likely to hurt profitability at Hong Kong’s property insurers and could prompt them to review pricing strategies that have led to lower premiums amid fierce competition, according to S&P Global Ratings.
“Claim losses from last week’s fire at Wang Fuk Court in Tai Po will further erode the sector’s underwriting margins,” said Emily Yi Chang Yoon, credit analyst at S&P, in a report.
The city’s property and casualty insurance companies already faced thinner…
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Hong Kong insurers face profit pressure in aftermath of deadly Tai Po fire
