Insurance claims from the deadly Wang Fuk Court fire in Hong Kong are unlikely to affect the rating of China Taiping Insurance Group (TPG), according to credit ratings agency Fitch Ratings.
The risk-adjusted capitalisation of China Taiping Insurance (HK) Company [CTPI(HK)] was at the strongest level as of year-end 2024, as measured by Best's Capital Adequacy Ratio (BCAR), and is expected to remain robust over the short to intermediate term, according to AM Best.
Over HK$327m ($42m) has been donated by various Hong Kong-related insurance companies through their charitable arms, group and parent companies to victims of the 26 November high-rise fire disaster in the city.
A material portion of the gross incurred loss in the deadly Hong Kong apartment fire is to be transferred to reinsurers, which may halt downward pressure on Hong Kong property reinsurance rates amid a global reinsurance softening backdrop, AM Best expects.
Global law firm Clyde & Co has appointed Patrick Peng as head of corporate for Greater China.
Claim losses from a devastating fire at a residential estate in Hong Kong will add pressure to the underwriting results of the property/casualty (P/C) insurance sector, said S&P Global Ratings in a report released today.
China's top financial regulator, the National Financial Regulatory Administration (NFRA), has said that it will guide the insurance and banking sectors to fast-track financial services and support to aid relief efforts following the devastating residential building fire in Hong Kong on 25 November 2025.
Hong Kong's insurance sector is expected to face claims of HK$2.6bn ($334m) related to the deadly fire that broke out on 26 November in a large housing estate, Wang Fuk Court, in Tai Po that has claimed at least 75 lives and razed seven buildings.
AIA Hong Kong & Macau has launched its new "On Your Side" Critical Illness Protection Series products, offering customers flexible and caring health protection solutions tailored to the diverse needs across different life stages.
Guangdong has signalled stronger support for cross-border retirement finance in the Greater Bay Area, outlining measures to deepen cooperation with Hong Kong and Macau and to advance insurance-market connectivity across the region.