News

‘Insurwave’ can help manage risk for more than 1000 commercial vessels in its first year.

The three insurers performed strongly despite intensified competition.

Blame premium income from savings-type insurance products which plunged by $2.5b.

The quarterly growth reverses a slight decline registered last year.

It enables a tax deduction for residents buying health insurance under the VHIS.

Trips, business support and conferences may influence insurers’ exercise of duty.

Such assets offer higher returns of 9.42% than 5% on average offered by corporate bonds.

Linked policies led the charge after surging 82% in Q1.

Average comprehensive solvency ratios of life and P&C insurers remained above 200% as of end 2017.

Deloitte, FWD and Ziliqa are amongst the launching partners.

Non-motor premium growth hit 33%, outpacing total growth in premium at 6%.

The deadline for nominations is on 20 April 2018.

Over 180 trophies were awarded to winning banks and insurance companies.

When a top insurance company in the US found that its customers seeking an online insurance quote were finding it tedious to fill out numerous forms, it deployed Amelia.

If regulatory and macroeconomic risk were foremost amongst insurer worries two years ago, these have now been overtaken by anxieties on coping with change and cyber risk. Change management has shot up to the top of the bi-annual 2017 Banana Skins survey, which reflects risk perception amongst insurers globally in the next two to three years, up from sixth place in the 2015 rankings. Similarly, cyber risk has risen to become the second most critical concern for insurers, up from fourth, due to the rising threat of cyberattacks and the steep costs of underwriting cybercrime.

An invasion is afoot in the Hong Kong insurance industry, and it is led by non-insurers entering the market to acquire established local players. Even technology behemoths seeking synergies are in on it. In June 2016, mainland Chinese real estate company Fujian Thai Hot Investment agreed to purchase the life insurance operations of Dah Sing Financial Holdings for US$1.3b (HK$10.6b), whilst Jack Ma’s Alibaba-backed Yunfeng Financial agreed to buy the Asia unit of MassMutual for US$1.7b. Analysts reckoned the former deal is an example of a non-insurer firm spending billions not merely to diversify, but to own a strategic enterprise that can fuel their other lines of business.