...the total gross premiums of the Hong Kong insurance industry reached $143.7 billion in the first half of 2013.
(PRWEB) October 04, 2013
Pacific Prime has recently gathered the major news stories related to health insurance in Hong Kong over the last 12 months and presented them in one, easy to read article on their news page.
Pacific Prime has begun releasing these insurance news roundups to help clients who are looking for the most important health insurance news stories, but aren't looking to spend hours doing so.
The last 12 months in Hong Kong have seen a notable focus on regulation, growth, and new business.
Regulation was an especially hot topic in the last 12 months, starting with new outsourcing rules, which came into effect right on January 1st. Regulations have increased to manage business and operational risks associated with outsourcing business activity in the entire Hong Kong insurance industry, affecting issues such as Materiality Assessment, Risk Assessment, and Contingency Planning.
Hong Kong also saw an 18% increase in insurance complaints over the previous year, though according to the Insurance Claims Complains Bureau, it can possibly be attributed to the fact that more Hong Kong citizens are buying insurance.
Food and Health Secretary Dr Ko Wing-man has also stated that the Hong Kong government plans to consolidate health insurance regulations to encourage growth in the sector and improve coverage. Unlike in the US, Ko stated that the government is unlikely to intervene and regulate the prices of insurance plans.
Several Hong Kong insurers have also reported periods of massive growth throughout the year. Hong Kong based insurer AIA reported a 34% profit increase ($1.93 billion from $1.44 billion) for the first six months of 2013, replacing Ping An Insurance Group Co. as the second-largest Asia-based insurer this year.
The Office of the Commissioner of Insurance also announced that the total gross premiums of the Hong Kong insurance industry reached $143.7 billion in the first half of 2013, a 14.5% increase in comparison to the same period in 2012.
To read the entire news round-up, visit http://www.pacificprime.com/resources/news/2013/10/04/hong-kong-news-roundup/.