The current regulatory framework has changed somewhat since the Insurance Authority (IA) took over responsibility for regulation and enforcement of insurers in June 2017. FS02/17-18 . Charltons advises insurers, reinsurers and intermediaries such as brokers and agencies on regulatory compliance and investigations. The following is a roundup of the major news stories related to health insurance in Hong Kong … ... Hong Kong Long Term Business - Individual In-force Business* (2008 - 2017) Premium and sum assured: Class A (excl. Hong Kong Health Insurance Industry - Annual News Roundup We've rounded up the main pieces of news related to the health industry in Hong Kong over the last 12 months. This features the implementation of a risk-based New tax measures proposed by the Council include: Provide personal tax deductions on insurance premiums for a wider range of medical / critical illness and life protection products, in addition to existing qualifying Voluntary Health Insurance Scheme (VHIS) products; Proposed tax incentives to promote Hong Kong’s insurance industry Financial Services Tax News Flash November 2019 In brief The HKSAR Government presented the “Legislative Proposals to Further the Development of the Insurance Sector”1 to the Panel on Financial Affairs of the Legislative Council on 3 … Hong Kong has no tariffs on imported goods and levies excise duty only on hydrocarbon oil, hard alcohol, tobacco, and methyl alcohol. The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. For Hong Kong's general insurance market, gross and net premiums were at HK$55.7bn (up by 3.9%) and HK$37.7bn (up by 6.8%), respectively. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by … Industry Insurance. The Hong Kong Insurance Authority is also issuing new licenses for digital-only life insurance companies, it said. Hong Kong: The Covid-19 Pandemic Impact On The International Insurance Industry 18 January 2021 . Legislative Council Secretariat . Hong Kong’s economy contracted by 3.0% year-on-year in real terms in the fourth quarter of 2020, after a fall of 3.6% (year-on-year) in the preceding quarter. Questions? HONG KONG ECONOMY NEWS AND ANALYSIS DIGEST *Please note that Insurance industry in Hong Kong (China): Business Report 2021 is a half ready publication. AIA ranks first in the Hong Kong insurance sector again in “Best Buzz Rankings 2020” conducted by YouGov, a global market research company. Insurance in Hong Kong industry profile provides top-line qualitative and quantitative summary information including: market size (value 2011-15, and forecast to 2020). “The over-dependence on life insurance business makes it difficult for insurers as they will have to grapple with lower sales, uncertain returns, and rising claims,” Sahoo said. 2 IA welcomes written comments on or before 15 December 2014 by one of the following means: Mail: Office of the Commissioner of Insurance 21/F., Queensway Government Offices 66 Queensway Hong Kong Fax: (852) 2869 0252 Email: rbc_consultation@oci.gov.hk Globally, the insurance industry experienced strong premium growth in 2015, at 5.6 percent, whereas growth in 2016 is expected to be noticeably slower, at 4.4 percent. The Hong Kong insurance industry saw total gross premiums increase by 10.9% to $165bn in the first quarter of 2020 compared to the same period in 2019, according to provisional statistics released by the Hong Kong Insurance Authority (HKIA). The Hong Kong insurance industry is going through an exciting period of growth and regulatory transition. CBIRC extends preferential treatment for Hong Kong insurance industry June 25, 2020 Michael Grinter Insurance. On 26 June 2017, the new Insurance Authority formally took over from the Office of the Commissioner of Insurance as the industry’s regulatory body. Global distribution trends vary by product and region. Analysis of China's Compulsory Third-Party Liability insurance in 2017 The domestic Compulsory Third-Party Liability insurance industry suffered an underwriting loss of RMB 4.9 billion in 2015. Profile Prudential Hong Kong Limited is an insurance company based in Hong Kong providing a range of insurance services from health and life insurance to travel, home and leisure insurance. It is the second largest recipient as well as supplier of FDI in the world. by Geoff Trew. In life insurance, while 2007-11-26 Source: "Register of Authorized Insurers".Insurance Authority. - Track the latest regulatory changes, and expected changes impacting the Hong Kong insurance industry. It only requires updating with the help of new data that are constantly retrieved from Publisher’s databases and other sources. ... led by smaller markets such as Hong Kong and Singapore. Website www.prudential.com.hk. This is a list of insurance companies in Hong Kong. For 2020 as a whole, GDP decreased by 6.1% in real terms from 2019. Hong Kong insurance industry records higher premiums & profits in 2019 9th December 2019 - Author: Luke Gallin Total gross premiums written across the Hong Kong insurance industry in the first nine months of 2019 grew by 12.5% when compared with the same period in 2018, to $436.9 billion, according to the region’s Insurance Authority (IA). The transition marks the blossoming to life of a seed planted back in 2010 when the first consultation paper on the subject was circulated, citing the need to “Taking into account the breadth and reach of the industry, the FSDC has focused on certain key areas that are broad enough such that they would be beneficial to a large proportion of Hong Kong’s population, and, at the same time, effective in growing Hong Kong’s insurance industry, making it vibrant and competitive,” explains the FSDC. Though somewhat late to the party, compared with other industry groups, some insurers have already implemented a broad range of applications for such AI staples as natural language processing (NLP), robotic process automation (RPA), machine learning (ML) and deep learning. Reasons to buy - Gain insights into the insurance regulatory framework in Hong Kong . Governance, Risk and Compliance - The Hong Kong Insurance Industry report is published on January 13, 2020 and has 67 pages in it. 1.1 In recent years, there has been a global trend towards the adoption of a risk-based approach to insurance supervisionin order to strengthen the protection of policyholders. Our story in Hong Kong Supporting the Hong Kong insurance industry for over 50 years. It is the world’s freest and eighth largest economy. The Insurance Ordinance (Cap. +1 (202) 335-3939. GlobalData’s "Governance, Risk and Compliance – The Hong Kong Insurance Industry" report is the result of extensive research into Edward Moncreiffe, CEO of HSBC Life Hong Kong, commenting on the Hong Kong insurance market results, said: "According to the provisional statistics of the Hong Kong insurance industry released by the Insurance Authority, in the second half of 2019, … The company has … Products Installed SDW 5016 & SC 160 USB & SP 30+. Hong Kong insurance companies. This report from Deloitte Global looks at transformative forces in the general insurance industry and outlines several possible scenarios for the future. 13 January 2021 HONG KONG INSURANCE INDUSTRY PORTER FIVE FORCES ANALYSIS. The Hong Kong Insurance Authority (IA) is moving the solvency assessment for insurers into a three-pillar Risk Based Capital (RBC) framework. The gross premiums of general insurance business … Evolving landscape of the Insurance Industry in Hong Kong Mr. Clement Cheung Chief Executive Officer Insurance Authority of Hong Kong 8 October 2018. Artificial intelligence (AI) is disrupting the insurance business. This survey aggregates the views of 10 insurers to understand how prepared they are for implementation of the new Hong Kong RBC solvency regulations. insurance industry of Hong Kong. As of March this year, there were 160 authorized insurers operating in the city, with a gross premium of HK$489.6 billion in 2017, up 9.1 percent from a year earlier, according to Insurance Authority, the city’s insurance industry regulator. parties on the proposed Risk-based Capital framework for Hong Kong’s insurance industry. It provides historical values for the Hong Kong insurance industry for the report's 2015-2019 review period, and pre-covid-19 projected and revised projected figures for the 2019-2023 forecast period. Introduction. Country Hong Kong. Hong Kong is a special administrative region of the People's Republic of China. The latest ranking makes AIA the first insurance company in Hong Kong claiming the top spot for three consecutive years since the launch of “Best Buzz Rankings”, a testament to the general public’s continuous recognition of the AIA brand. A change has occurred in Hong Kong’s insurance regulatory regime. annuity) and Class C 1. Entitled “Insuring Hong Kong’s Future – Tax Recommendations to Enhance and Grow Hong Kong’s Insurance Industry. Set Up FREE Account Submit Release. Through Hong Kong coverholders and trusted London centred partnerships, Lloyd’s underwriters are amongst the largest commercial insurers and reinsurers in the territory. On the general insurance side, gross and net premiums in … Research Office . Market Research Report Summary. 41 of the Laws of Hong Kong) (the “Ordinance”) is the principal legislation regulating the insurance industry in Hong Kong. Customer Prudential Hong Kong Limited. 6. Insurance Industry Today. Source: "List of Authorized Insurers" (PDF).Office of the Commissioner of Insurance. The Hong Kong Insurance Report has been researched at source and features Fitch Solutions' independent assessment and forecasts for the insurance sector. Hong Kong is one of the insurance industry hubs in Asia. - Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country. Hong Kong Insurance Industry News Topics; Specialized News Sections on Hong Kong Insurance Industry. The Hong Kong insurance industry saw gross premiums grow by 6% to $313.7bn for the first half of 2020, compared to the same period in 2019, according to provisional statistics from the Insurance Authority. This market research report provides information about Financial Services, Country Overview (Banking & Finance), Strategy (Banking & Finance), Banking & Finance industry.
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