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Insurance

Insurance
Stories about the insurance industry, including life, general, property and casualty insurance
Daisy Tsang, CEO of HSBC Life in Hong Kong and Macau, says she strongly believes in Hong Kong’s potential as a hub for wealthy customers. Photo: Sun Yeung
Banking & finance

Exclusive | HSBC to offer anti-ageing treatments, medical check-ups at Hong Kong wealth hub

The wealth centre, which will open in the second half, is aimed at the growing silver economy, HSBC Life’s Daisy Tsang says.

Hong Kong society

Fewer benefits on most travel insurance for elderly, kids: Hong Kong watchdog

Banking & finance

Hong Kong’s finance sector embraces GenAI, with adoption to reach 90% in 5 years

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Banking & finance

Exclusive | Sun Life sees Hong Kong as ‘most important’ market in Asia for life insurers

New insurance premiums rose 330 per cent between 2019 and 2024, lifting Sun Life’s ranking to fifth from 12th, according to company data.

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There is a big need to help high net-worth customers with inter-generational financial planning, inheritance or liquidity management, says Manjit Singh, President of Sun Life Asia. Photo: Sun Yeung
Hong Kong economy

Japan issues megaquake warning, but many travellers from Hong Kong undeterred

Tour bookings remain steady while insurance executives urge travellers to secure coverage.

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Climate change

Opinion | An Asia racked by natural disasters needs insurers to step up

Instead of withdrawing from high-risk areas, Asia’s insurers must become an active partner in long-term climate risk management.

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SCMP Exclusives

Exclusive | China’s Ping An is eyeing a bigger slice of Hong Kong’s insurance market

The insurer is weighing different entry strategies that include applying for a new licence, partnerships and acquisitions.

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Co-CEO Michael Guo is looking to add the missing piece to its insurance business in Hong Kong. Photo: Edmond So
Banking & finance

Manulife picks chief actuary Finch as Asia CEO to lead biggest profit centre

Steve Finch will take over as Asia CEO from May 9, replacing Phil Witherington who is heading back to Toronto to become global CEO.

AIA

AIA reports record earnings, unveils US$1.6 billion stock buy-back plan

Hong Kong new sales rose 23 per cent to a record US$1.8 billion in 2024 as mainland Chinese bought more policies on their visits.

China jobs

As AI disrupts China jobs, could a dedicated insurance fund protect workers?

NPC representative and founder of an AI-powered voice-recognition firm joins chorus calling for more to be done to mitigate impact of jobs lost to automation.

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Humanoid robots perform collaborative tasks at a Zeekr car plant in China. Photo: Handout
Wealth management

Why the rich prefer Hong Kong insurance policies for inheritances

60 per cent of affluent individuals in the region prefer insurance policies for estate planning, study shows.

Insurance companies in Hong Kong have reported rising sales of policies for estate planning. Photo: Sam Tsang
Banking & finance

China’s DeepSeek-led AI revolution to boost financial sector profit: UBS

Lower labour costs as a result of AI could boost profits of brokerages by 8 per cent and insurance firms by 13 per cent, analyst Craig Cao says.

Banking & finance

Hong Kong to review medical insurance market, Greater Bay Area options

Medical insurance in Hong Kong is a loss-making business even though sales have been growing over the past few years, regulator says.

China's population

As rising costs hit health insurance funds, how can China stem the bloodletting?

What happens when China’s ageing population meets a rising reluctance among healthy people to pay for voluntary insurance?

In China’s most affluent cities, basic medical insurance funds have come under rising pressure as the population lives longer and costs increase for the treatment of chronic diseases. Photo: Getty Images
China stock market

Beijing unveils US$7.2 billion injection of insurer capital for stocks

China Pacific, Taikang Life and Sunshine Life among the firms putting ‘patient capital’ into A shares to help stabilise the market.

A worker stands on a crane as he installs red lanterns outside a park before the Lunar New Year celebrations in Beijing on January 24, 2025. Photo: Reuters
China economy

Opinion | Stimulus will boost China’s economy, but for how long?

Fiscal and monetary policies can only go so far. In the longer term, China’s economy will need to undergo a more fundamental transition.

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China economy

Editorial | Channelling of funds into China markets to bring needed stability

Move by Beijing aims to counter volatility from threats of Donald Trump with flow of proceeds from pensions and insurance.

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China stock market

China directs state capital into A shares to anchor stock market

Starting this year, 30 per cent of the annual insurance premium from new policies will be put into yuan-denominated A shares, regulator Wu Qing said.

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Wu Qing, chairman of the China Securities Regulatory Commission (third from left) announces new measures to stabilise China’s stock market in Beijing on January 23, 2025. Photo: Xinhua
Wealth management

Hong Kong life insurance bonanza driven by local buying; overseas buyers rise

New life insurance sales in the first nine months of 2024 stood at HK$169.6 billion (US$21.8 billion), the highest since the authority set up in 2016.

Malaysia

Malaysia urged to boost health funding to ease burden on patient care

Lack of funding, chronic manpower shortages in government hospitals leave public dependent on private healthcare sector, civil society groups say.

Business of climate change

Hong Kong appetite for catastrophe bonds grows as Taiping Re enters market

Latest deal brings total issuance in Hong Kong to US$748 million since insurance-linked securities were made possible in 2021.

An aerial view shows damage to properties in Florida, in the wake of Hurricane Helene in October 2024. Photo: Reuters
Banking & finance

Banks, insurers rush for gold in Hong Kong’s ‘silver-hair economy’

Residents older than 65 years made up about 22 per cent of Hong Kong’s population of 7.5 million people in 2023, according to government data.

Elderly residents in a stretching group exercise on November 15, 2024. Photo: Dickson Lee
Mergers & Acquisitions

MetLife to buy Hong Kong tycoon Richard Li’s PineBridge in asset management push

New York-based insurer’s arm will pay US$800 million for PineBridge, which manages about US$100 billion in assets.

United States

Luigi Mangione pleads not guilty to murder in United Healthcare CEO’s death

Luigi Mangione faces 11 state charges, including murder and terrorism. The maximum New York sentence is life without parole if convicted.

Greater Bay Area

Cigna seeks mainland China partnerships as Hongkongers go north to get treatment

An ageing population and shortage of doctors have led more Hongkongers to go north to get medical treatment, Cigna’s Hong Kong CEO says.

Jonathan Spiers, CEO of Cigna Healthcare Hong Kong. Photo: Enoch Yiu
Gun violence in the US

Mangione faces new murder charge that could put death penalty on the table

Federal charges could allow prosecutors to pursue capital punishment, despite it being having been abolished for decades in New York.

Luigi Mangione, a suspect in the fatal shooting of UnitedHealthcare CEO Brian Thompson, is escorted by police in New York on Thursday. Photo: AP
Singapore

Allianz withdraws offer to acquire Singapore’s Income Insurance

The decision comes after public outcry and government scrutiny over the importance of balancing commercial interests with social responsibility.

Hong Kong society

Outside In | US insurer murder a warning as Hongkongers worry about medical bills

City’s situation is not as extreme but the private sector is out of reach for too many and wait times in the public sector can be painfully long.

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