Latest news with #ClementCheungWan-ching
The Sun
04-07-2025
- Health
- The Sun
AIA Hosts Healthcare Financing Summit To Foster Cross-Sector Collaborative Solutions for Hong Kong's Healthcare Sustainable Future
HONG KONG SAR - Media OutReach Newswire - 4 July 2025 - AIA Hong Kong & Macau (AIA) hosted the inaugural Healthcare Financing Summit (the Summit) as an active step towards fostering cross-sector dialogue and collaboration to address the challenges facing Hong Kong's healthcare system. Held under the theme 'Sustainable Healthcare Financing through Partnership', the Summit brought together a diverse group of stakeholders – including government officials, legislators, regulators, and leaders from the healthcare and insurance industries – to explore collaborative solutions for building a healthcare system that is accessible, affordable, and effective for the sustainable future of Hong Kong. The event featured distinguished speakers, including Professor Chung-mau Lo, Secretary for Health of the Hong Kong Special Administrative Region Government, and Mr Clement Cheung Wan-ching, Chief Executive Officer of the Insurance Authority, who shared their insights on the future of Hong Kong's healthcare. Discussions focused on the growing challenges of rising healthcare costs, an ageing population, the critical needs to foster price transparency and budgeting for patients, clinical governance in private medical services, and how stakeholders can work together to ensure the long-term sustainability of Hong Kong's healthcare. Alger Fung, Chief Executive Officer of AIA Hong Kong & Macau, said: 'It is important for society to continue investing in better healthcare. It represents a growing share of our economy - and an even greater share of our hope for a sustainable and resilient future for all generations. While Hong Kong's healthcare system is widely recognised for its professionalism, trust, and exceptional outcomes, it is facing increasing pressure from demographic shifts, medical inflation, and rising demand across both the public and private sectors. As an insurer deeply rooted in Hong Kong, AIA is committed to supporting our society in overcoming these pressing challenges. We believe that meaningful change begins with collective action, guided by a shared sense of conscience and responsibility. Thanks to the valuable contributions of all participants, this Summit has brought together an alliance in action—marking the beginning of a shared journey towards building a more inclusive and sustainable healthcare system for our community and future generations. Yet this is only the beginning. The future depends on the continued, purposeful actions of all stakeholders. Together, we can play a pivotal role in shaping a healthcare system that empowers people to live Healthier, Longer, Better Lives.' Caption: Distinguished speakers, panelists and guests at the Healthcare Financing Summit hosted by AIA Hong Kong & Macau Caption: The Healthcare Financing Summit bringing together government officials, legislators, regulators, and leaders from the healthcare and insurance industries to explore collaborative solutions for building a healthcare system that is accessible, affordable, and effective for the sustainable future of Hong Kong.
South China Morning Post
16-02-2025
- Business
- South China Morning Post
Hong Kong to review medical insurance market, Greater Bay Area options
The Insurance Authority plans to review the city's medical insurance market to address the rising cost of healthcare and allow more insurers to provide coverage for Hongkongers seeking to retire in the Greater Bay Area. The industry regulator will reassess the situation some time this year and take appropriate actions to enhance the market in the coming years, senior executives said on Friday. The review will cover product structure, pricing, exclusion, claims processes and medical partnerships, among other areas. 'With an ageing population, demand for medical insurance and retirement-related insurance products will be huge,' Clement Cheung Wan-ching, the authority's CEO, said on Friday. 'We will need to make sure our medical insurance and life insurance sectors can develop well.' Residents older than 65 years made up about 22 per cent of Hong Kong's 7.5 million population in 2023, according to government data. This proportion is projected to rise to 36 per cent in 2047, he added, heaping pressure on the city's healthcare system. Insurance Authority CEO Clement Cheung Wan-ching (left) and chairman Stephen Yiu Kin-wah. Photo: Enoch Yiu Insurance companies collected HK$10.2 billion (US$1.3 billion) in gross premiums on medical policies in the first half of 2024, according to the Insurance Authority, incurring an underwriting loss of HK$357 million. The premiums rose 7.5 per cent in 2023 to HK$16.2 billion, while underwriting loss swelled 144 per cent to HK$856 million.
