Hong Kong's Insurance Authority (IA) and the Independent Commission Against Corruption (ICAC) have conducted their first joint operation targeting corrupt conduct in the unlicensed sale of insurance policies to mainland Chinese visitors (MCVs).
Hong Kong's temperature on 24 March 2024 was the highest recorded during the month of March in 140 years.
Hong Kong-headquartered Peak Reinsurance has reported a record net profit of $200m in 2023, turning around from a net loss of $261m in 2022, according to financial statements of Fosun International, a group which held 86.71% equity interest in the reinsurer at 31 December 2023.
In 2023, the Monetary Authority of Singapore (MAS) named four 'domestic systemically important insurers' - AIA Singapore, Income Insurance, Prudential Assurance and Great Eastern Life Assurance.
KoverNow has appointed Mr John Trotter as chief sales officer and managing director. In his new role, he will be responsible for expanding KoverNow's customer base beyond Singapore and launching its digital insurance app in Hong Kong.
AIA Hong Kong & Macau has delivered exceptional business performance with growth on multiple fronts in 2023 - Value of New Business (VONB) up by 82%, Annualised New Premiums (ANP) up by 123%, making this geographical market segment the largest contributor to AIA Group's VONB, according to the 2023 financial results of AIA Group.
Prudential has appointed Ms Anette Bronder to the newly created position of chief technology & operations officer. She will join the group executive committee on 1 May.
The Hong Kong general insurance industry is set to grow at a compound annual growth rate (CAGR) of 6.3% from HK$67.0bn ($8.6bn) in 2024 to HK$85.6bn ($10.9 bn) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.
New business premiums generated from mainland Chinese visitors (MCVs) to Hong Kong dropped by 18.9% in the fourth quarter of 2023 to HK$12.1bn, compared to the third quarter of last year, according to data from the Hong Kong Insurance Authority (IA).
AIA's Hong Kong business outpaced that of mainland China in 2023 to become the largest contributor to the group's value of new business (VONB) in 2023 as the territory captured the very strong demand of mainland Chinese visitors (MCVs) following the full resumption of normal cross-border travel in February 2023.