Hong Kong is set to challenge London’s dominance in marine insurance as Middle East tensions highlight the city’s ability to provide war-risk cover at a lower cost, according to the local insurance regulator’s chairman. Stephen Yiu Kin-wah on Tuesday said the Insurance Authority had supported insurers in launching a special war-risk insurance pool last November,…
Around 85 per cent of insurance claims for damages caused by Hong Kong’s deadliest fire in decades have been settled, with the amount paid out totalling almost HK$510 million (US$65.3 million). The city’s Insurance Authority said on Tuesday that insurers had settled 1,032 claims related to the Tai Po fire that broke out last November,…
Life insurance sales in Hong Kong rose 56 per cent in the first nine months of last year to another record as affluent customers continued to buy policies in the city for wealth transfer, protection and medical needs. The industry wrote HK$264.5 billion (US$34 billion) worth of new policies from January to September, compared with…
The Hong Kong Monetary Authority (HKMA) issued requirements on Wednesday for banks to improve their services for elderly customers, as the proportion of the city’s population over the age of 65 increases rapidly. Banks will be required to upgrade their apps to meet the needs of elderly customers, improve branch facilities and ensure that staff…
Under the five-year plan called Fintech 2030 that starts this year, the HKMA would expand the scope of the city’s generative AI sandbox to include more industries as a step towards enhancing risk management, fraud detection and customer experience, chief executive Eddie Yue Wai-man told the Post in a written interview. “The diversity of perspectives…
Manulife (International), one of the biggest life insurers and pension providers in Hong Kong and Macau, has finished moving its domicile to Hong Kong from Bermuda, making it the first insurer to successfully complete the process under a new regime, according to a statement on Friday. The insurer said the redomiciling was a “strategic milestone”…
About 30 Hong Kong-based insurance companies, including AIA and Manulife, have issued 7,600 life insurance and 1,100 property policies to policyholders listed as residing at Wang Fuk Court, according to the Insurance Authority. Insurance Authority CEO Clement Cheung Wan-ching said the authority had set up a special task force, led by senior executives, to urge…
Hong Kong’s insurance sector is expected to face record claims of HK$2.6 billion (US$334 million) related to the deadly fire in Tai Po, the worst in seven decades that claimed 75 lives and seriously damaged seven buildings, according to industry insiders. The fire would lead to a surge in insurance payments for personal and property…
The Hong Kong Monetary Authority (HKMA) is set to encourage more mainland banks to set up regional headquarters in the city, while the local bourse operator plans to enhance the listing regime, as the government aims to fortify Hong Kong’s position as an international financial centre, according to Chief Executive John Lee Ka-chiu. In his…
Seven major insurers, including AIA, AXA and HSBC Life, on Monday signed a pledge and joined a Hong Kong Insurance Authority programme to promote the adoption of artificial intelligence in the sector to enhance the city as a regional AI hub. FWD, Prudential, YF Life, and China Taiping Insurance (HK) also signed the pledge during…