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.
At the age of 31, Jason is already a regional director. This places him amongst the top 3% of agency leaders in his company.
Insurance purchases in Hong Kong by mainland Chinese customers declined in the third quarter of this year as escalating protests halted visits to the financial hub, reported Bloomberg.
As Hong Kong sees violent anti-government protests, an increasing number of conferences and events have been cancelled or postponed till further notice. Events in the insurance sector have been hit as well.
The 29th Pacific Insurance Conference got off to a strong start yesterday with a keynote address by Hong Kong Insurance Authority (IA) CEO Clement Cheung in which he stressed the fact that the two-year old regulator was firing on all cylinders. "We are not just envisioning," he said, "we are making progress."
The Consumer Council has found that all travel agencies, without exception, were engaged to various degrees in the sale of travel insurance, and in the majority of cases, the agencies make it optional for consumers to buy the cover.
The National Reinsurance Corporation of the Philippines (Nat Re) and Taiping Re (TPRe) have signed a memorandum of understanding that seeks to strengthen the two reinsurers' cooperation.
The Hong Kong Insurance Authority (IA) will host its second Asian Insurance Forum (AIF) in the territory on 10 December 2019 with the theme "Connectivity and Innovation - The Key to Competitiveness and Inclusiveness".