Hong Kong firms, lacking riot insurance, pick up pieces from protest damage

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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 ...

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 vandalised four times this month.

Hong Kong is a lucrative market for global insurers including American International Group Inc, AXA SA and Zurich Insurance Group AG, with the value of premiums as a percentage of gross domestic product at 18.16 per cent, second only to Taiwan in the Asia-Pacific region.Riot police officers remove a barricade in Tuen Mun, Hong Kong on Sep 21, 2019.

"Overall financial damage from these events will be quite significant and neither insurers nor most of the businesses would have prepared for something like this," said an insurance sector lawyer with a global law firm.

 

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HK Govtnment is absolutely useless. They have lost control of the situation. I guess they never have the experience to deal with such situation, thence the mess HK is in right now.

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