There is little evidence so far that the social unrest in Hong Kong has adversely affected its role as a global financial centre, even amid severe short-term economic pressures, Fitch Ratings says.
AXA XL has appointed Stephen Nguyen as client management leader, Asia. Based in Hong Kong and reporting to Jonathan Mead, head of client & distribution, Asia Pacific, Mr Nguyen will be responsible for delivering client strategies and an outstanding customer experience throughout Asia.
Taiwan is unlikely to replace Hong Kong as a financial hub in the Asia-Pacific region, despite the ongoing political turbulence and social unrest in the latter territory, according to the chief of the Taiwanese financial regulatory agency.
Hong Kong's tax incentives to boost retirement savings through the Qualifying Deferred Annuity Policy (QDAP) initiative serves as an example of how the Insurance Authority (IA) has worked effectively with the industry to fill a social need, according to IA chairman Dr Moses Cheng in his welcome address at the Asian Insurance Forum 2019 yesterday.
An amendment Bill to implement the tax relief proposals for marine insurance and specialty insurance will be introduced in the lawmaking body, the Legislative Council, next week.
Sedgwick has appointed Mr Alex Tang, a highly regarded insurance and claims professional, as managing director of its Hong Kong operations. Mr Tang has over 30 years of experience in the loss adjusting industry and was a director at Cunningham Lindsey when it was acquired by Sedgwick in early 2018.
Generali Global Corporate & Commercial (GC&C) has selected Ms Lucia Sun as its new head of claims for Asia with effect from 25 November. Based in Hong Kong, Ms Sun will be responsible leading the claims team across Asia and will report directly to GC&C head Axel Roesner.
The Hong Kong Federation of Insurers (HKFI), a self-regulatory body for insurers, is urging the Hong Kong Institute of Certified Public Accountants to consider postponing the effective date of IFRS17 for local insurers to 1 January 2023.
The overall underwriting performance of the general insurance business sector in Hong Kong increased significantly by 883.9% to $856m for the first three quarters of the year (January-September 2019) according to provisional statistics released by the Insurance Authority. This profit was mainly driven by property damage business. However, recent events are likely to bring about a negative outlook in future.
Manulife Hong Kong has launched Cashless Day Surgery eService. The company said it is the market's first all-digital cashless service which enables customers to obtain speedy claims pre-approval for colonoscopy and gastroscopy (OGD) day surgery simply by entering their Hong Kong Identity Card (HKID) number and date of birth on a designated online platform, thereby eliminating the claim submission process.