Hong Kong's businesses will likely foot the bill for vandalism inflicted ov...
HONG KONG - Hong Kong’s businesses will likely foot the bill for vandalism inflicted over the past four months during the territory’s most violent protests in living memory as few of them bought insurance coverage for riot damage, industry insiders said.
Displaying a banner in support of the police - who protesters have complained of being heavy-handed - was enough to see a small video game shop in western New Territories vandalized four times this month. Coverage for civil unrest, particularly for small and mid-sized firms, is uncommon, industry insiders said.
Near term, Hong Kong insurers expect a surge in demand for coverage that includes riot damage, though profit is likely to suffer from payouts for event cancellations, a drop in demand for travel insurance and, more generally, economic downturn. The financial impact of the protests could not be determined with unrest ongoing, but two insurance executives said liabilities for insurers could run into millions of dollars.UNLUCKY
“The Group is discussing and handling with its insurance company,” it said. “In the event that the insurance company refuses to compensate or inadequately compensates its claims, the Group may be required to bear the corresponding economic losses.”
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