Magazine

Sep 2020

Read the latest edition of AIR and MEIR as an Interactive e-book

Hong Kong: Entire insurance value chain to fall under increased scrutiny

Source: Asia Insurance Review | Jan 2020

The Hong Kong insurance sector is going through a considerable period of change – with technology-driven disruption, digitisation of distribution channels and increased focus on both the customer journey and experience, said the international professional services firm EY.
 
In its Insurance Outlook 2020 report, EY notes that the Insurance Authority (IA) took on increased powers from 23 September 2019 in the regulation of agents and brokers, and with it, their focus will continue to be on effective systems and controls across the enterprise. EY said it is reasonable to expect, therefore, that the manufacturing, distribution and selling of insurance products will be subject to increased scrutiny.
 
According to EY, the top Hong Kong Insurance regulatory themes for 2020 are:
  • Conduct and accountability
  • Data and privacy 
  • Anti-money laundering and counter-financing of terrorism
  • Technology dependency and cyber security 
  • Resilience 
  • InsurTech (including virtual insurers) 
  • Suitability and disclosure 
  • Enterprise risk management
  • Own risk and solvency assessment
  • Complaint handling. A 
 
| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.