Reinsurance to cover large part of massive hotel fire loss: Ping An

Ping An Property & Casualty Insurance Company of China, Ltd. said that reinsurance arrangements will help cut its exposure to only about a quarter of the large loss it expects to incur from the fire that engulfed the Kimpton Hotel in Hong Kong, Asia Insurance Review reported citing South China Morning Post. The under-construction hotel is insured for a total of $2.63 billion Hong Kong ($335 million), which includes contractors' all-risk cover of HKD1.82 billion and third-party liability cover of HKD800 million.