Hong Kong flooding could add pressure to reinsurance renewals: AM Best
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Hong Kong flooding could add pressure to reinsurance renewals: AM Best

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The Hong Kong and Pearl River Delta Area flooding on 7-8 September could result in gross losses close to the HKD 3.1bn ($400mn) in losses wrought by Typhoon Mangkhut in 2018, adding pressure to reinsurance renewals, according to AM Best.

The flooding followed a major rainstorm, which has been labelled a 1-in-500-year event. During the storm, more than 600mm of rainfall fell between 11pm and midnight on 7 September – the highest hourly rainfall since recordings began in 1884.

Although...

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