Insurers brace for a hit as Typhoon Mangkhut lashes HK and China
Shares in several insurers in Asia have slumped on the back of Typhoon Mangkhut causing devastation in Hong Kong and Southern China.
It is estimated that the storm, one of the most powerful ever recorded to hit the region, will result in claims of more than HK$1 billion ($128 million). The share prices of China Re, China Taiping and Ping An among others briefly fell on early trading as a result.
Reports suggest that the damage in Hong Kong is considerable with thousands of homes and offices damaged; insurers may also be subject to numerous business interruption claims as most businesses shut in advance of the storm hitting including all major casinos in Macau.
There have been early unconfirmed reports of some fatalities in Hong Kong and China; in the Philippines, it is feared the death toll could rise to 100, the majority as a result of a landslide that hit a mining site.
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