It supports different devices that you can manage your policies anytime anywhere. The insurance plans shown above are not equivalent to any bank deposit or savings. Hong Kong, however, exists in a unique place amongst all the world’s healthcare systems in that it has both a low-cost and accessible public healthcare system, and the 2nd highest private healthcare costs in the world. Now with the new feature of changing the insured unlimited times up to the age of 120 of the new insured, you can pass on the wealth built and sustained in this plan to future generations of your family with greater ease, while ensuring your loved ones are protected. February 17 2021 ; Manulife’s Hong Kong & Macau earnings up 10%. The above products are products of HSBC Life (International) Limited and AXA General Insurance Hong Kong Limited, they are intended only for sale in the Hong Kong SAR. We regret that we can only provide customer services via our hotline at the moment and apologize for any delayed response during this period. “I don’t know whether I’ll get insurance compensation,” said shop owner K.K. Hong Kong – Life Insurance (continued) Calculation of investment return Calculation of investment income and capital gains Accounting Investment income/realised gains are taken to the P&L. Hong Kong’s insurance sales to mainland Chinese policy holders plunge as daily images of mayhem and protest rallies deter arrivals Sales to mainland visitors dropped by … While businesses flood insurers with claims for such damage, few are likely to be fully compensated as Hong Kong insurance usually protects against events such as fire and natural disasters, such as typhoons. About Us. “There’s a chance that I won’t get compensation because the damage is due to social unrest… I don’t think riot damage is covered.”. Hong Kong’s virtual banks primed to disrupt insurance. Government-certified medical reimbursement plans offering various levels of cover to meet your budget and needs, with guaranteed renewal and tax deduction. 41 of the Laws of Hong Kong) (the “Ordinance”) is the principal legislation regulating the insurance industry in Hong Kong. Whether you’re looking for coverage for yourself, your family, or your company, our team of experienced and qualified advisors can provide HK health insurance solutions that meet your needs. Please call our hotline +852 3191 6222 if you have any enquiries. At Chubb Life, we are committed to support you throughout your customer journey with us. We cover life, health, savings, investment and more. A Hospital & Surgical plan providing full cover for eligible medical expenses. The office hour of our Chubb Life Premier Service Center (at Causeway Bay) and Hotline service will resume normal from 8 March 2021 (Monday - Friday 9:00am - 6:00pm, Saturday 9:00am - 12:30pm, Sunday & public holidays: Closed). Retailer Best Mart 360 Holdings Ltd on Wednesday said as of Oct. 13, 59 of its stores had suffered damage during protests. The IA is the main insurance regulator in Hong Kong. Personal Enterprise. MHIBL is an authorized insurance broker with Insurance Authority License Number FB1740 whose business it is to arrange insurance products and services for its clients. The second phase of changes (which are more substantive) will take effect from January 1, 2018, allowing more time for transition. Source: "List of Authorized Insurers" … The IA is a regulatory body that is independent of the government. “Hong Kong property insurers have been making a profit for 20 years, but following two super typhoons in the past two years, they lost all 20 years’ worth of profit,” said a non-life insurance broker in Hong Kong. The newly designed portal makes your navigation quickly and easily. Personal and Business Insurance - Chubb in Hong Kong Celebrating Our 45th Anniversary in Hong Kong 45% Year-Round Discount - Accident-Protection Products Offer! With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Near term, Hong Kong insurers expect a surge in demand for coverage that includes riot damage, though profit is likely to suffer from payouts for event cancellations, a drop in demand for travel insurance and, more generally, economic downturn. PRUeShop. Chubb is the world’s largest publicly traded property and casualty insurer. Anti-government demonstrations have taken place on almost every weekend since June 9. Bowtie is an authorized virtual insurance company that meets the same high standards that customers and Insurance Authority expect of traditional insurers. Hong Kong insurance market: The most popular types of insurance in Hong Kong [Data Source: Wikipedia, “Hong Kong insurance market: Long-term insurance products”] Here is the main product structure of Hong Kong insurance, the long-term insurance products which can be divided into two parts: Protection type products and Investment type products. The financial impact of the protests could not be determined with unrest ongoing, but two insurance executives said liabilities for insurers could run into millions of dollars. If you would like to receive a free quote for a Hong Kong Home Insurance or a Hong Kong Fire Insurance policy, simply complete the short form at the top of this page and select Home Insurance from the drop down menu.Once you have completed your quotation request an expert CCW Hong Kong Insurance Broker will contact you to discuss and … Crediting Interest Rate Philosophy, Investment Philosophy, Policy and Strategy, and Historical Crediting Interest Rates. Sign up now. Aon Hong Kong Limited is a wholly owned subsidiary of Aon plc. Access our products, services and claims digitally. READ MORE: In celebration of Chubb’s 45th anniversary in Hong Kong, we are offering 45% off Premium Discount Offer with Eligible Accident-Protection Plans. Hong Kong’s First Virtual Insurance Company. Without riot insurance, Hong Kong firms face costs of protest damage, Hong Kong police douse mosque, protesters in blue dye, Hong Kong police douse mosque, protesters in blue dye – Oct 20, 2019, Hong Kong faces violence, vandalism amid recent protests, Hong Kong faces violence, vandalism amid recent protests – Sep 7, 2019, Deer herd stampedes over surprised driver’s car in wild dashcam video, COVID-19 patient dies after rare 3-hour erection in hospital, Hong Kong protesters vandalize stores in Sha Tin, Hong Kong protesters vandalize stores in Sha Tin – Oct 13, 2019, Hong Kong protesters, police in chaotic clashes as metro, shops targeted, Hong Kong protesters, police in chaotic clashes as metro, shops targeted – Oct 13, 2019, Denmark, Norway, Iceland temporarily suspend use of AstraZeneca vaccine, Health Canada says AstraZeneca vaccine safe after countries suspend use, ‘We’re not racist’: Prince William responds to Meghan Markle, Prince Harry interview, Piers Morgan doubles down on Meghan Markle attacks after ‘Good Morning Britain’ exit, Police dashcam catches moment driver caught in deer stampede, Coronavirus: Biden says U.S. will come out of pandemic stronger, Fort McMurray couple charged with sexual assault of infant, Man buys bicycle but refused pickup because of his weight, Health officials reassuring Canadians the AstraZeneca vaccine is safe, One year of pandemic life in British Columbia, Demonstrators block roads, clash with police as protests in Hong Kong continue, Hong Kong police say homemade, remote-controlled bomb targeted officers, Public trust in police fading as Hong Kong protests continue. This plan provides comprehensive protection against critical illness as well as features benefiting you and your family. Total insurance premium volume in the territory last year rose 8.3% to $66 billion, the quickest growth rate in the advanced Asia-Pacific region that includes Australia, Japan and Singapore, a Swiss Re study showed. In view of the latest development of the COVID-19 epidemic, the Customer Services Counter at Chubb’s general insurance office at Quarry Bay will be closed until further notice. Promotion Period: 18 Nov 2020 – 31 Mar 2021 (both dates inclusive). Through the strategic investment, the partners will jointly develop and distribute investment and insurance solutions across Asia. The good thing about Helper Insurance is that you should be able to move the coverage to a new helper if the policy is still current and has not expired. 41) (IO) on the secrecy provisions Login. There’s a lot to think about when moving to Hong Kong. Chubb understands that SMEs are usually more vulnerable to fluctuating economic conditions and business interruptions due to smaller cash flows. Life; Hong Kong; Amid protests and a pandemic, new business in 2020 fell by 14% to US$460m. Free Hong Kong Home and Fire Insurance Quotes. Hong Kong’s businesses will likely foot the bill for vandalism inflicted over the past four months during the territory’s most violent protests in living memory as few of them bought insurance coverage for riot damage, industry insiders said. No registration is required to enjoy the coverage. Businesses big and small have suffered smashed windows, graffiti and even fire for their perceived support of mainland China by activists concerned that the central government in Beijing is exerting increased control over the special administrative region at the cost of democratic freedoms. Our global health insurance can take the pressure off and provide reassurance at this busy and exciting time. › Hong Kong Insurance Outlook 2021 05 February 2021 2020 was undoubtedly a year of unprecedented change, and has led to new trends, new thinking and ways of working. EN. Treatment of unrealised gains – varying accounting treatments depending on nature of investment and whether the ‘benchmark’ or ‘alternative’ method of accounting is selected by the insurer. Dividend/Bonus Philosophy, Investment Philosophy, Policy and Strategy, and Historical Fulfillment Ratios. HKD500 shopping coupon for new customer who submits an online appointment and successfully takes out a plan in Hong Kong, and free masks upon completing FNA . Its principal function is to regulate and supervise the insurance industry for the promotion of the general stability of that industry and for the protection of existing and potential policy holders. Your cover will depend on the type of plan you purchased and your individual circumstances. “The Group is discussing and handling with its insurance company,” it said. Man. Hong Kong’s healthcare system is divided into two options: public healthcare and private medical care. To protect you from any adverse effects from the vaccine against COVID-19, we are offering a free Post COVID-19 Vaccination Coverage to all insured under Chubb Assured Medical Series policy. These are welcome steps and show that the Insurance Authority, which became the insurance regulator in Hong Kong just this June, is taking seriously its statutory function to promote the stable and sustainable development of the insurance industry. Hong Kong is a lucrative market for global insurers including American International Group Inc, AXA SA and Zurich Insurance Group AG, with the value of premiums as a percentage of gross domestic product at 18.16%, second only to Taiwan in the Asia-Pacific region. “Luckily there’s been no big typhoon this year, but the unlucky thing is there have been riots.”. Create and Preserve Wealth for MyLegacy Planning – A plan that can provide long-term financial growth with high flexibility to meet the needs in different stages of life as well as giving your blessing to your future generations. “Overall financial damage from these events will be quite significant and neither insurers nor most of the businesses would have prepared for something like this,” said an insurance sector lawyer with a global law firm. New terminologies applicable to your policy(ies) under new regulatory requirements. The Insurance Ordinance (Cap. Hong Kong law requires you to have valid insurance coverage for each helper you have. Please read our Commenting Policy first. From January 1, 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), took effect. Backed by Sun Life and leading international investors, Bowtie offers commission-free Voluntary Health Insurance Scheme (VHIS) Standard Plan. That is why we have designed Enterprise Guard Plus, a package policy that covers you against unexpected expenses in running your business. Chubb Assured supports you and your family during the ever-changing today and tomorrow, so that you can be certain of your medical cover even in the most uncertain times. Get a roundup of the most important and intriguing national stories delivered to your inbox every weekday. Insurtech; Hong Kong; HKIA expects ZA Bank's interplay with digital insurance arm to spur similar ventures. Chubb F&B Product Liability Insurance provides a blanket coverage for all takeaway food and beverage sold in Hong Kong. “In the event that the insurance company refuses to compensate or inadequately compensates its claims, the Group may be required to bear the corresponding economic losses.”, READ MORE: And among them, protection type … We are pleased to announce the launch of CHUBBot / Live Chat has been launched.  With the CHUBBot, you can connect to us anytime anywhere on 24/7 basis, and CHUBBot is more than welcome to assist you on general enquiries.  What’s more, we have designated Customer Service Officers to assist you during office hour.  To start the chat journey, simply assess https://eservice.chubblife.com.hk/#/ and click the “Online Chat” button at the bottom of the page. The government provides all public healthcare services free of charge or for a small fee. This includes other miscellaneous actions like defamation or mental anguish. Check the latest prices of investment options (for investment-linked assurance schemes). Damage to subway stations of operator MTR Corp Ltd may not be fully covered by its insurance, and its inability to recover such costs is likely to weaken its credit profile, credit-rating firm Moody’s Investors Service said last week. MoneyHero Insurance Brokers Limited (registered in Hong Kong under company number 2196683) (“MHIBL”) is a wholly owned subsidiary of MHGL. This is a list of insurance companies in Hong Kong. Promotion Period: 1 Jan - 31 Dec 2021 (both dates inclusive). Personal liability insurance in Hong Kong is designed to protect you against any unexpected claims alleging personal injury or property damage due to your negligence. Private medical health insurance will assure that you get access to high-quality healthcare, which is often reimbursed by employers. Displaying a banner in support of the police – who protesters have complained of being heavy-handed – was enough to see a small video game shop in western New Territories vandalised four times this month. Coverage for civil unrest, particularly for small and mid-sized firms, is uncommon, industry insiders said. An external spokeswoman for the retailer declined to comment beyond the statement. MHGL is not an insurance company, agent or broker. Health insurance is of high importance and something that you should opt-in for even before you depart for Hong Kong. Does your current insurance cover you against the liability of take away food & beverage? Enjoy an upfront 4.5% premium discount upon successful enrolment within the Promotion Period. Food & Beverage Product Liability Insurance, Chubb Assured Medical Series – Post COVID-19 Vaccination Coverage. The new Chubb Life’s e-Service portal is launched! Its specific functions are set out in section 4A of the IO and include: Chubb will assess all claims in accordance with the facts of each case, the Policy Wordings and any applicable Certificate of Insurance. Prudential Hong Kong Limited provides a wide range of insurance plans for personal and business. Other than the provision … *Terms and Conditions apply. Information on the collection of premium levy for the Insurance Authority. Hong Kong police say homemade, remote-controlled bomb targeted officers. In celebration of Chubb’s 45th … READ MORE: As such, the answer to whether you need health insurance in Hong Kong is almost always “it depends.” Chubb remains available to provide the same level of service you have come to expect, Chubb FlexiLiving Deferred Annuity Plan - Upfront Premium Discount Offer, Regulatory Disclosure – Crediting Interest, Construction Risk & Insurance Solution (CRIS), Global Health, Safety & Environmental Services, Report an Accident, Medical and Travel Claim. Hong Kong insurance companies. Pacific Prime is your leading Asian insurance intermediary, headquartered in Hong Kong and serving over 120,000 clients across 30 different countries. Public trust in police fading as Hong Kong protests continue. You’ll want to spend your time exploring the vibrant culture, bustling centre and local street markets, rather than worrying about your healthcare options. Charltons advises insurers, reinsurers and intermediaries such as brokers and agencies on regulatory compliance and investigations. Chubb Life remains committed to your wellbeing. “So you will see a sharp rise in litigation around what’s covered and what’s not, as well as pressure on earnings of insurance companies because of a surge in claim settlements and a drop in premium income,” the lawyer said. Looking for something … For any enquiries, please email to Enquiries.HKLife@chubb.com, or call us at (+852) 2894 9833. On Sunday, riot police and protesters exchanged tear gas and petrol bombs as an illegal march descended into chaos, with hundreds of shops trashed and Chinese banks and metro stations targeted. The Insurance Authority of Hong Kong issues guidance on enforcement and secrecy provisions 5 August 2020 The Insurance Authority of Hong Kong (IA) has issued Frequently Asked Questions (FAQs) on enforcement and an Explanatory Note (Explanatory Note) to clarify Section 121 of the Insurance Ordinance (Cap. If you choose to opt for the public healthcare option, you do not need private Hong Kong health insurance. Digital insurance solution in a box, made for partnerships. Up to HKD 600,000 or 1/3 of home contents sum insured (whichever is lesser) coverage for valuable items like jewellery and watches with high item limit and an option to cover the valuables, money and … While businesses flood insurers with claims for such damage, few are likely to be fully compensated as Hong Kong insurance usually protects against … The executives and the lawyer declined to be identified due to the sensitivity of the matter. Best Mart did not identify its insurer or elaborate on why compensation might be refused. Demonstrators block roads, clash with police as protests in Hong Kong continue. Over 500 professionals in Hong Kong are on hand to help you manage your business and your needs in insurance brokerage. Want to discuss? What can my plan cover? Integrate what we do into what you do. The Insurance Authority (IA) replaced the Office of the Commissioner of Insurance as Hong Kong’s insurance regulator in June 2017. “That’s why in 2019 they have been extra prudent in covering property,” the broker said. Our favorite Helper Insurance is Allied World Maid Guard (Plan III).