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Insurance

Insurance
Stories about the insurance industry, including life, general, property and casualty insurance
last updated:
9 September, 2024
The asset management arm of US insurer MetLife has agreed to buy PineBridge Investments. Photo: Reuters
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

Greater Bay Area

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

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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Gun violence in the US

Gun found on US CEO shooting suspect matches shell casings at scene: police

Luigi Mangione’s fingerprints also matched those on a water bottle near where United Healthcare’s Brian Thompson was killed.

Luigi Mangione, a suspect in the New York killing of UnitedHealthcare CEO Brian Thompson, is escorted after an extradition hearing at Blair County Court House in Hollidaysburg, Pennsylvania, on Tuesday. Photo: Reuters
Icons and Influencers

Who are Luigi Mangione’s wealthy parents, Louis and Kathleen Mangione?

Luigi’s father Louis is the owner of Lorien Health Services and his mum Kathleen runs a travel company; meanwhile, one of his sisters is a doctor and his cousin Nino a state legislator.

Gun violence in the US

CEO shooting suspect had manifesto railing against US healthcare system

Handwritten document could indicate for the first time a possible motive for the murder of UnitedHealthcare chief Brian Thompson.

Banking & finance

Hong Kong to host annual meeting of global insurance regulators in 2026

Hong Kong should appeal to global insurers looking to set up their headquarters in the region, FWD chairman Frederick Ma says.

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Chief Executive John Lee Ka-chiu speaks at the Asian Insurance Forum on December 10. Photo: SCMP
United States

On Balance | US must target Big Food and insurance industry to fix its healthcare

The only positive likely to come out of the killing of UnitedHealthcare’s CEO is a national conversation about why US healthcare is so bad.

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People walk past a poster outside the Hilton hotel near the scene where Brian Thompson, the CEO of UnitedHealthcare, was shot dead in midtown Manhattan, in New York, on December 5. Photo: Reuters
Gun violence in the US

US CEO shooting suspect identified, ‘net tightening’, New York mayor says

The FBI is offering up to US$50,000 for information leading to the capture of the gunman who killed UnitedHealthcare’s Brian Thompson.

Gun violence in the US

As clock ticks down, police believe gunman who killed US CEO has left New York

The search for Brian Thompson’s shooter has passed the crucial 48-hour mark – the best window of opportunity to catch the attacker.

Gun violence in the US

Murder and memes: CEO’s killing exposes frustrations with US medical system

His death did not draw much online sympathy, and a research group noted his firm denies a striking one-third of all health insurance claims.

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Police have released this image of the suspected shooter in the slaying of UnitedHeathcare CEO Brian Thompson. Photo: NYPD via TNS
Banking & finance

Hong Kong needs to grow insurance talent to compete with Singapore, Dubai: CEOs

Lawrence Lam, Hong Kong CEO at Prudential, says data analysts have become more important than ever in the industry.

People crossing a busy street in Central, Hong Kong in October 2024. Photo: Dickson Lee
Trending in China

China insurance firm offers ‘996’ package to cover sudden death, accidents at work

‘996 overtime system is illegal, this insurance policy supports an illegal practice,’ says an online observer.

Malaysia

Profiteering fears as Malaysians face punishing hike in health insurance

Proliferation of co-payment schemes, reminiscent of health insurance practices in the United States, has stirred fear and anger.

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Banking & finance

BOC Life offers insurance plans for clients seeking to retire in mainland cities

Around 88,000 Hongkongers aged 65 or above were living in southern Guangdong province in 2022, 11 per cent more than in 2017.

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Hong Kong insurers are offering more services to cover senior citizens. Photo: Handout.
Banking & finance

Manulife promotes Asia insurance head Phil Witherington to group CEO

Asia was the largest contributor to Manulife’s group earnings, accounting for 44 per cent of the total in the third quarter.

SCMP Exclusives

Exclusive | Manulife on track to reach 50% Asia earnings target by 2027

Asia was the largest profit contributor to Canadian insurer in the third quarter, with 44 per cent of the group’s earnings coming from the region.

Business of climate change

Hong Kong EV insurance costs to fall, but third-party liability may remain high

Insurance premiums are set to fall as EV prices decline, but third-party liability coverage to remain high due to accident rates and repair costs.

Comprehensive motor insurance covers third-party liabilities and medical expenses of the insured in an accident. Photo: Jelly Tse
Crime

‘Bear’ attacking luxury cars in US$142,000 insurance case was human in suit

Four LA residents were arrested in ‘Operation Bear Claw’ for making fraudulent claims involving two damaged Mercedes and a Rolls-Royce.

This bear costume was allegedly worn by suspects with the aim of committing insurance fraud. Photo: California Department of Insurance via AP
Hong Kong society

Hong Kong-based head of insurer criticises employer for policies in autism cases

Damien Green, chairman of Manulife Financial Asia, is ‘sad and frustrated’ by insurers’ treatment of autistic people, including his own son.

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Hong Kong economy

Sell insurance to stay in Hong Kong? Top talent turn to ‘safety net’ job

Aims of talent trawl questioned as arrivals grab insurance sales jobs to stay in city, but some say move reflects ‘reality’ of current economy.

C-suite interviews

Exclusive | Hong Kong needs a playbook to become marine insurance hub: broking giant

Hong Kong’s potential as a marine insurance hub hinges on tax incentives and easier capital raising for insurers, Willis Towers Watson CEO Carl Hess says.

Hong Kong has 2,600 ships with an aggregate 130 million gross tons, making it the world’s fourth largest register. Photo: Jelly Tse
China economy

Full steam ahead as Shanghai ports eye global container volume record

The city is investing in infrastructure and technology to support growth, while also liberalising its finance sector to attract international shipping businesses.

The fourth phase of the Yangshan deep water port in Shanghai is the world’s largest automated container ­terminal. Photo: Reuters
Crime in Hong Kong

Hoax anthrax letters disrupt operations of several Hong Kong insurance firms

Fifty AIA Financial Centre employees evacuated after one receives envelope containing white powder and labelled ‘anthrax’.

Singapore

Singapore blocks Income’s deal with Allianz amid ‘structure, terms’ concerns

Prime Minister Lawrence Wong says the government remains open to a new deal if the concerns are fully addressed.

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