The Insurance Authority (IA) has announced the second phase of temporary facilitative measures, in view of the latest developments of the COVID-19 pandemic. It has widened the types of life insurance products that can be distributed through non-face-to-face methods to minimise the risk of infection during the selling process.
The Financial Services Development Council (FSDC) is proposing several tax measures for both insurance companies and individual policyholders. The goal is to foster the competitiveness of the insurance industry in Hong Kong and encourage Hong Kong citizens to better protect their day-to-day health from risks and accidents through insurance.
In view of the latest COVID-19 developments, the Insurance Authority (IA) has decided to implement extended temporary facilitative measures (TFM) for insurance sales in Hong Kong whereby more types of life insurance products can be distributed through non-face-to-face methods to minimise the risk of infection during the selling process.
China Taiping Insurance Holdings has announced that its net profit for 2019 rose 31% HK$9.01bn ($1.16bn), a record result.
The government of Hong Kong has introduced a bill to amend its insurance regulation to allow for insurance-linked securities (ILS) such as catastrophe bonds to be issued. They are also looking to expedite the process given the uncertainty caused by the COVID-19 outbreak.
With Hong Kong experiencing a surge in coronavirus cases over the past week, the Insurance Authority (IA) has closed its office to the general public this week (23 to 29 March) to contain the outbreak.
The Hong Kong government has gazetted two insurance amendment Bills relating to insurance-linked securities (ILS) and direct regulatory powers over the holding companies of multinational insurance groups. The Bills were gazetted last Friday.
To assuage concerns around COVID-19 among the public, AIA Hong Kong has launched a service providing the latest information and alerts on coronavirus cases in different districts across the territory.
AMTD Digital has announced a planned acquisition of PolicyPal, a Singaporean InsurTech start-up that acts as an online insurance broker and product comparison tool for customers. This move is part of AMTD Group's plan to build a Southeast Asian FinTech platform headquartered in Singapore.