Magazine

Aug 2018

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Three decades of landmark developments in insurance

Source: Asia Insurance Review | Aug 2018

Significant developments in the insurance sector
 
1988
Establishment of HKFI. Total premiums are around $13bn.
 
1993
The Hong Kong Confederation of Insurance Brokers formed by merger of the Hong Kong Insurance Brokers Association and Hong Kong Society of Insurance Brokers.
 
1994
HKFI’s Life Insurance Council introduces the Code of Practice for Life Insurance Replacement to control ‘twisting’.
 
1996
Financial secretary Donald Tsang announces a working group to explore making Hong Kong the region’s reinsurance centre and fostering captive insurance business.
 
1997
Insurance Companies (Amendment) Ordinance 1997 sees concessions put in place to encourage captives. 

Handover of Hong Kong to China by Great Britain. The territory has 215 insurance firms, 151 general, 45 life and the balance composites together with 29 reinsurers.
 
2001
9/11 – stock prices of Hong Kong’s insurers drop by more than 20%.
 
2003
SARS-related insurance claims top $100m – demand for health insurance spikes.
 
2004
Closer Economic Partnership Arrangement (CEPA) signed with China allowing local insurance companies to ‘form strategic partnerships in order to enter the mainland insurance market’.
 
2007
Premiums in Hong Kong reach $200bn.
 
2008
Global financial crisis – AIG requires a US government bailout and so Hong Kong-based AIA separates from the group in 2009.
 
2009
The Motor Insurers’ Bureau pays out HK$862m to settle outstanding claims on Anglo Starlite Insurance after a massive fraud scheme in the 2000s caused the firm to collapse. 
 
2012
Government commissions a consultancy study for developing an RBC framework. 
 
2014
Government conducts a public consultation on the conceptual framework for RBC.
 
2015
Allied World Assurance completes the acquisitions of the Hong Kong operations of Royal & Sun Alliance Insurance. 
 
2016
Chubb officially changes the name of its life insurance subsidiary in Hong Kong from ACE Life to Chubb Life Insurance Company following ACE Limited’s acquisition of The Chubb Corporation.
 
2017
Typhoon Hato is the first ‘super typhoon’ in five years in Hong Kong causing over $2bn of economic losses across Hong Kong and Macau – and insured losses estimated at over $300m.
 
2018
Government briefs members on the proposed RBC framework for the insurance industry

IA releases provisional statistics showing total gross premiums of $489.6bn
 
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