Shares of China Taiping Insurance (HK) Company plummeted as much as 8 percent in Thursday morning trading, as the Chinese mainland insurer is reported to be the comprehensive insurance underwriter for Wang Fuk Court’s renovation project in Tai Po.

The insurance company’s shares opened more than 3 percent lower this morning, and the decline later widened to 8 percent, reaching as low as HK$16.77 ($2.15) per share. At 11:15am, shares were down 2.68 percent at HK$17.76 apiece.

According to an online post, China Taiping Insurance (HK) Company is the Wang Fuk Court’s comprehensive insurance underwriter, with a total payout limit of HK$2 billion for all property risks insurance and unlimited claims for personal injury and death liability.

Since Wang Fuk Court comprises 1,984 units across eight blocks, there is a high chance that the mainland insurer will be flooded with claims, the post said.

The overnight blaze in Wang Fuk Court — in which 44 people died and hundreds were made homeless — was the second No 5 fire this century and the first in 17 years.