The owner of the Jumbo Floating Restaurant says it will not be receiving any insurance payout after the restaurant capsized on 18 June, less than a week after being towed away from Aberdeen Harbour and into the South China Sea.
The PICC Group's Hong Kong unit --The People's Insurance Company of China (Hong Kong) [PICC HK] -- has established an insurance broker in the territory, after obtaining approval for a broking licence earlier this year.
The Green and Sustainable Finance Cross-Agency Steering Group has announced the progress made to help advance Hong Kong's position in green and sustainable finance (GSF) and the financial ecosystem's transition towards carbon neutrality.
MSIG Insurance (Hong Kong) [MSIG HK] is expected to maintain a profitable underwriting performance over the coming two years, according to S&P Global Ratings.
Moody's Investors Service has placed on review for downgrade the A3 insurance financial strength rating (IFSR) of Peak Reinsurance Company (Peak Re). The outlook has been changed to "Ratings under review" from "Stable".
Only 32% of Hong Kong couples have discussed holistic financial plans, potentially indicating that the remaining two-thirds of couples do not have a plan in place for their future.
People from the sandwich generation - those who had competing demands and financial responsibilities for both younger and older generations - have an increasing desire to be prepared for financial independence in retirement.
There are signs of the bottoming out of life insurance purchases by mainland visitors in Hong Kong, as new-business premiums derived from this customer segment climbed to HK$345m ($44m) in the first quarter of this year, according to statistics released by the Insurance Authority.
As part of its drive to build an inclusive and equitable society, Manulife Hong Kong has announced its offering of individual life insurance coverage (basic plans only, excluding term life, critical illness and medical insurance products) to customers who are diagnosed with Human Immunodeficiency Virus (HIV).
Peak Reinsurance has closed the issuance of a $150m 144A catastrophe bond via Black Kite Re, a newly established special purpose insurer in Hong Kong. As part of the transaction, Peak Re has entered into a retrocession arrangement with Black Kite Re, providing the company with a multi-year protection against typhoon risk in Japan.