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.
Hong Kong-headquartered pan-Asia insurance group, FWD Group Holdings, has announced its financial results for the year ended 31 December 2023 which show that the value of new business jumped by 22% to $991m, compared to 2022.
A new survey of small and medium-sized enterprises (SMEs) in Hong Kong has revealed that while the overall sentiment is upbeat, SMEs remain mindful of the challenges ahead.
The Insurance Authority (IA) has released provisional statistics of the Hong Kong insurance industry for 2023, showing a decrease of total gross premiums by 1.1% to HK$549.7bn ($70.3bn) over 2022.