Reinsurers expected to shoulder most of $200m loss from Hong Kong fire: AM Best
According to ratings agency AM Best, a material portion of the gross incurred loss, which may exceed $200 million from the deadly Hong Kong apartment (Wang Fuk Court) fire, is expected to be transferred to reinsurers. This is because primary insurers typically rely on a mix of reinsurance arrangements, including facultative, proportional, and non-proportional treaties,…