Fitch Ratings expects the Wang Fuk Court apartment building fire in Hong Kong to drive a surge in claims for China Taiping Insurance Group Ltd., whose subsidiary underwrites the property and liability policies for the complex, Reinsurance News reported. Fitch says the incident will trigger multiple coverage types and lead to a temporary rise in the group’s combined ratio, although layered reinsurance arrangements and potential capital support from the Chinese government should limit the financial strain on the company.
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