David Joshua Lee CFP®’s Post

From Captive International: "Clement Cheung, the chief executive of Hong Kong’s Insurance Authority (IA)...highlighted opportunities that are emerging thanks to the development of the Guangdong–Hong Kong–Macao Greater Bay Area (GBA), a megalopolis consisting of nine cities and two special administrative regions in South China. Cheung pointed to the untapped potential within the GBA, where insurance penetration rates remain significantly lower than in Hong Kong. With an average insurance penetration rate of just 5.14 percent and insurance density of RMB 7,200, compared to Hong Kong’s 17.2 percent and HK$68,400, there is clear room for growth." https://lnkd.in/g7cMGVPf

EXCERPTS: Insurers and agents at AIA Group Ltd., Prudential Plc and other financial firms in Hong Kong are recruiting more Chinese citizens to sell insurance plans to visitors from the mainland. That business, which has drawn regulatory scrutiny in the past, is booming again after slumping during the coronavirus pandemic. Chinese tourists have collectively poured more than HK$75 billion ($9.6 billion) into insurance policies in Hong Kong since the start of 2023, after authorities lifted strict border controls that were in place for much of the pandemic. That’s in spite of a recent crackdown by the city’s regulators on corrupt practices and unlicensed selling of the products. Most of the policies bought by tourists are denominated in US dollars or Hong Kong’s currency — which is pegged to the greenback — and have enabled Chinese citizens to move money offshore and park it in long-term investments. The products provide critical illness or term life insurance coverage, and often include savings or investment-like features that enhance their value over time. Buyers see them as a way to safeguard their assets against the weakening yuan and to capture the Asian financial hub’s higher interest rates.

Explore the latest insights from Hong Kong's Insurance Authority (IA) as they release preliminary data for the territory's insurance market in 2023. Despite a modest contraction in total gross premiums to HK$549.7 billion, down 1.1% from the previous year, the long-term insurance business dynamics have undergone notable shifts. https://hubs.la/Q02nRjmP0

The Financial Times reports that the Hong Kong insurance industry saw a 12.2% rise in total gross premiums to $21.1 billion in the first quarter. Revenue premiums of active policies increased by 14%, mainly due to individual life insurance and retirement annuity businesses, which grew by nearly 20%. Mainland visitors significantly contributed to this growth, with insurance sales to this group up by nearly two-thirds to $2 billion in the first quarter. Chinese investors are less interested in local equities, down 40% from their 2021 peak, and property. They are turning to insurance policies, some guaranteeing the principal for over a decade. Hong Kong’s insurance policies, especially those with dividend payments, are also popular with investors in other parts of Asia, where interest rates are lower than Hong Kong’s 5.75% base rate. https://lnkd.in/gwKGWB4A

#HongKong: #Insurance Market Grows 12% Q1 2024 According to the Hong Kong Insurance Authority, provisional statistics for the first quarter of 2024, show a rise of total gross premiums by 12.2% to $165.1 billion over the corresponding period in 2023. Read now with iPMI Global: https://lnkd.in/e_cTtjCg

Asia's insurance sector is at the cusp of a new era of wealth generation, and customers are expecting more from their insurers to address their financial well-being concerns. The majority of the region's population will reach the middle and retirement class for the first time over the next two years. Customers are increasingly seeking personalized products that can mitigate the unique risks they face in Asia. Insurers in Asia need to cross the digital divide. Hyper-personalized services, streamlined claims processing, and more accurate underwriting will be critical to a successful customer engagement strategy. Find out more about the latest insurance trends in this article by Scott Horwitz: #FICO #Insurance #Asia

#HongKong: #Insurance Market Grows 12% Q1 2024 According to the Hong Kong Insurance Authority, provisional statistics for the first quarter of 2024, show a rise of total gross premiums by 12.2% to $165.1 billion over the corresponding period in 2023. Read now with iPMI Global: https://lnkd.in/eMKJd_p2

Some impressive 1Q24 results! #1 Banca, #1 Broker, #1 Onshore, #1 Offshore What underpins these great outcomes are a strong and healthy culture of excellence, a customer-first winning strategy and quality of execution driven by technology at scale. Onwards and upwards!

The insurance industry in Hong Kong has undergone significant changes in recent years. Here at Adyen, we’ve collated the top 5 priorities for the insurance industry in Hong Kong and discovered what priorities insurers should focus on to remain competitive. Learn more by visiting the link below. #Adyen #Insurance #SeamlessExperience #Payments

The rate of insurance uptake for businesses globally stands at 7%, and it is only 3% in Africa. It is even lower than the regional rate in Kenya, standing at just 2.3%. This signals a deep distrust or misunderstanding of the role of risk-transfer in an economy. In an interview for The Kenyan Wall Street‘s “Investing like an Executive” series, Lokonyo Stephen, the Managing Director of First Assurance says that leveraging on new distribution and marketing options – as well as exploring the mostly ignored MSMEs sector – could unfurl a new revolution in the insurance industry. “The structure of an insurance company should design products based on its customers’ needs. You are the primary carrier of that risk, which means that your customers know you as the partner they have transferred their risk to,” Lokonyo says. https://lnkd.in/dT4Z2KZm