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Best’s Commentary: Hong Kong Fire Expected to be Credit Negative for (Re) Insurers
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AM Best expects the Hong Kong apartment fire to be credit negative for (re) insurers, with significant losses transferred to reinsurers. This event may halt the downward pressure on Hong Kong property reinsurance rates and lead to premium adjustments and stricter underwriting standards. The fire highlights risk accumulation in high-rise buildings and protection gaps in various insurance coverages. Preliminary loss estimates are around USD 200 million. AM Best is a global credit rating agency specializing in the insurance industry.
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