The company, Hong Kong’s biggest taxi insurer, had recently informed taxi owners that it is mulling to revoke local taxi insurance policies after a seven-day notification period.

Last November 12, the company announced it would consider ceasing renewals of existing taxi insurance policies due to potential losses from a possible prolonged involuntary suspension of foreign currency activities and protecting its profitability.

As a result of the revocation, the industry projected that over 10,000 taxis across Hong Kong will be forced to cease operation within one week.