The Insurance Authority (IA) yesterday launched a six-week public consultation on the draft Insurance (Valuation and Capital) Rules and the draft Insurance (Submission of Statements, Reports and Information) Rules to tie in with the implementation of the Risk-based Capital (RBC) regime.
Latest research from Cigna Healthcare has found that Hong Kong's vitality levels have significantly deteriorated during the first half of 2023, as the city continues to be plagued by high stress and burnout levels.
The Insurance Authority (IA) yesterday released claims statistics in relation to the two extreme weather events in early September 2023 - Typhoon Saola and a black rainstorm. According to the data collected from the insurance industry, the total gross claims incurred reached HK$1.9bn ($243m).
New business premiums derived in Hong Kong from mainland Chinese visitors fell by 32.9% to HK$15bn ($1.92bn) on a quarterly basis in the third quarter of this year, according to data released by the Hong Kong Insurance Authority.
AIA Group has published its first Climate Transition Plan, saying that it is the first pan-Asian life and health insurer to have its near-term science-based emissions reduction targets validated by the Science Based Targets initiative (SBTi), a global body enabling businesses to set ambitious emissions reduction targets in line with the latest climate science.
The silver-haired generation in Hong Kong (people aged 50 and above) fares better in terms of overall mind health than the general population, while still being vulnerable to significant financial stress, according to the AXA Study of Mind Health and Wellbeing 2023 which assesses the state of mind health across the globe.
Hong Kong-based FTLife Insurance has reported an improvement in profitability in 2023 due to recovering demand from mainland Chinese customers after COVID-pandemic-related restrictions and border control between China and Hong Kong were eased, notes Fitch Ratings.
Financial advisers should closely monitor updates to laws like the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO) and ensure their clients' portfolios adhere to these regulations, said Mr Nigel Green, Chief Executive of the deVere Group, an advisory company which operates across the globe.
Revealing its financials for the third quarter of 2023, Manulife Hong Kong and Macau reported significant growth in its insurance operations, with annualised premium equivalent (APE) sales and core earnings witnessing an uptick by 57% and 50%, respectively, achieving HK$1.64 billion (US$210 million) and HK$1.49 billion.
Continuing from the robust half year results, the AIA Group achieved a substantial 35% in the value of new business (VONB) to US$994 million in the third quarter of 2023.