businesses will likely foot the bill for vandalism inflicted over the past four months during the territories most violent protests in living memory as few of them bought insurance coverage for riot damage, industry insiders said.
“I don’t know whether I’ll get insurance compensation,” said shop owner K.K. Man. “There’s a chance that I won’t get compensation because the damage is due to social unrest… I don’t think riot damage is covered.” Total insurance premium volume in the territory last year rose 8.3% to $66 billion, the quickest growth rate in the advanced Asia-Pacific region that includes Australia, Japan and Singapore, a Swiss Re study showed.
“So you will see a sharp rise in litigation around what’s covered and what’s not, as well as pressure on earnings of insurance companies because of a surge in claim settlements and a drop in premium income,” the lawyer said. Retailer Best Mart 360 Holdings Ltd on Wednesday said as of October 13, 59 of its stores had suffered damage during protests.
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