Market Chatter: China Taiping Insurance Shares Fall on Exposure to Massive Hong Kong

MT Newswires Live

Nov 27

China Taiping Insurance (HKG:0966) took a dip Thursday amid a massive fire at a high-rise housing complex in Hong Kong, which the company underwrote, Bloomberg News reported Thursday.

The company's shares fell as much as 8.1% before paring losses to about 1.4% as of noon Hong Kong time.

The firm reportedly underwrote third-party liability and employee compensation for mandatory building and window inspection work at Wang Fuk Court in Tai Po.

The policy covers the full HK$315.6 million contract sum of the project, plus HK$50 million for accidents, as well as HK$200 million in employee compensation. The insurer also agreed to provide a HK$2 billion general property-all-risk coverage, the report said.

Fire officials said early Thursday that four buildings in the Tai Po estate had been brought under control, while three remained ablaze as of about 6 a.m. local time.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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The insurer also agreed to provide a HK$2 billion general property-all-risk coverage, the report said.Fire officials said early Thursday that four buildings in the Tai Po estate had been brought under control, while three remained ablaze as of about 6 a.m. local time.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}