Company Overview - China Taiping Insurance Holdings experienced a significant drop in share price, falling as much as 8% due to concerns over its exposure to a Hong Kong apartment complex fire, with coverage exceeding $200 million [1][2] - The company closed down 1.92%, underperforming against a slight gain in the benchmark Hang Seng Index, marking its lowest share price since October 24 [2] Insurance Coverage Details - The insurer is exposed to a potential liability of up to HK$2 billion (approximately $257 million) for damages related to the fire at Wang Fuk Court, which includes compensation for the complex's exterior and public areas [3] - China Taiping Insurance also provides coverage for a renovation project at the complex, with a total compensation of HK$365 million for "all risks" and up to HK$200 million per event for employee compensation [4][5] Industry Impact - The fire incident is expected to significantly impact the underwriting results of Hong Kong's general insurance industry, as noted by Citigroup analysts [6] - In 2023, property insurance gross premiums in Hong Kong reached HK$15 billion (approximately $1.93 billion), indicating the scale of the insurance market affected by such incidents [6] Regulatory Response - The Hong Kong Insurance Authority is leading a task force to ensure that insurers are adequately resourced to handle claims and inquiries related to the fire [7]