Bowtie, Hong Kong's first virtual insurer launched four years ago, has grown together with industry peers to triple the market share of the direct distribution channel to 8.5%.
FWD Group Holdings (FWD) is expanding its financial literacy programme, JA SparktheDream, to span seven markets in Asia as part of its 10th anniversary year community initiatives. Developed in partnership with Junior Achievement Asia Pacific (JA), the programme integrates financial, social and life skills education for students to help boost financial literacy in the region.
AIA Hong Kong has announced that it will soon launch "AIA Assemble", a first-in-market, customisable critical illness plan that sets a new industry standard by enabling customers to tailor their critical illness protection and sum assured and thus enjoy higher levels of flexibility and freedom.
People nearing or past age 65 are increasingly choosing to work longer. Between 2011 and 2021, the share of labour force participants aged 55 to 64 years rose from 49% to 59%, and that of people aged 65 and over more than doubled, from 6.2% to 12.5%, according to a report released by Prudential plc.
HSBC Life, the insurance arm of HSBC, has invested US$20 million to upgrade its technology and introduce a range of new medical insurance services for clients, with sales to mainland Chinese clients back to pre-pandemic levels, according to a senior executive.
Hong Kong-based global reinsurer Peak Re says that in 2022, it recorded further premium growth, but also its first loss since its inception due to volatile capital markets and persistently high natural catastrophe losses.
Pru plc reported strong sales in the first quarter of 2023 (1Q23), with its annualised premium equivalent (APE) surging by 35% from $1,212m in 1Q22 to $1,559m in 1Q23.
The Hong Kong Federation of Insurers (HKFI) has announced the appointment of its governing committee for the term 2023/2024:
From 1 July, Hong Kong private car owners or drivers entering Guangdong under the Northbound Travel for Hong Kong Vehicles Scheme can procure a Unilateral Recognition insurance policy from Hong Kong insurers with coverage extended to include the statutory third-party liability motor insurance for the mainland.
The Hong Kong Federation of Insurers (HKFI) has submitted a proposal to the Financial Services and the Treasury Bureau and the Insurance Authority with recommendations to drive the industry forward.