Hong Kong’s Insurance Authority aims to increase transparency and the available range of medical insurance products to address rising costs, while also reviewing regulations with an eye towards attracting more international life-insurance buyers.
“We would like to see the insurance companies introduce more medical insurance products that are more accessible and affordable for the general public, with sales practices that are fair to consumers,” said Clement Lau Chung-kin, the authority’s executive director of policy and legislation, in a media briefing last week.
Lau said the authority this year would collect data and conduct a comprehensive, in-depth analysis on the costs and compensation levels of medical insurance policies in the market, paving the way for the public to get more information about the coverage.
Such information would help consumers make better choices for their coverage, said Insurance Authority CEO Clement Cheung Wan-ching.
“Industry-wide comprehensive data would also be useful to help insurance companies introduce more medical insurance products to customers, increasing competition in the industry and hopefully bringing prices down,” Cheung said in the same briefing.
“We also want to make it easier for policyholders to change providers, which would also bring in better benefits and more choice for customers.”
