Latest news with #InsuranceAuthority
South China Morning Post
5 days ago
- Business
- South China Morning Post
Hong Kong life insurance sales jump 43% to record high in first quarter
Life insurance sales in Hong Kong rose 43 per cent in the first quarter to a record high on demand for protection and estate planning from high-net-worth customers and visitors from mainland China, as the city seeks to become a wealth management hub to rival global leaders like Switzerland. The industry wrote HK$93.4 billion (US$12 billion) worth of new life policies in the first quarter, up from HK$65.3 billion a year earlier, the Insurance Authority said on Friday. It was the highest first-quarter sales tally since the authority was established in 2016. Hong Kong had a record year in 2024, when insurers posted a 21.4 per cent jump in sales to HK$219.8 billion, courtesy of a world-record policy sold by HSBC Life. 'Hong Kong's insurance industry continued its strong momentum in early 2025, supported by sustained demand for savings, health, and protection products from both local customers and mainland Chinese visitors,' said Patrick Graham, CEO of Manulife Hong Kong and Macau. The regulator did not disclose policy sales to mainland visitors, having earlier decided to release such statistics after a review about the disclosures of non-local buyers.
Argaam
22-07-2025
- Business
- Argaam
ACIG directed by IA to meet minimum paid-up capital requirement
Allied Cooperative Insurance Group (ACIG) announced receiving a letter from the Insurance Authority (IA) on July 15, stating that the company must submit a corrective plan within 10 business days from the date of the letter, outlining the steps it will take to comply with the minimum paid-up capital requirement for insurance companies. In a statement to Tadawul, the company noted that the minimum paid-up capital for insurance companies must not be less than SAR 300 million. This follows the announcement of the results of the extraordinary general meeting (EGM) held on June 22, in which shareholders voted against the proposed capital increase. The company added that it will announce any future developments in due course. According to Argaam data, the company's shareholders rejected the board's recommendation to increase capital via a rights issue worth SAR 209 million during an extraordinary general meeting (EGM) on June 22. The capital hike was aimed to support the company's future plans, enhance solvency margin, and boost investment income. ACIG's accumulated losses in Q1 2025 amounted to SAR 78.60 million, representing 27.01% of its capital.
Arabian Post
04-07-2025
- Health
- Arabian Post
AIA Hosts Healthcare Financing Summit To Foster Cross-Sector Collaborative Solutions for Hong Kong's Healthcare Sustainable Future
Caption: Professor Chung-mau Lo, Secretary for Health of the Hong Kong Special Administrative Region Government (centre); Mr Clement Cheung Wan-ching, Chief Executive Officer of the Insurance Authority (right); and Mr Alger Fung, Chief Executive Officer of AIA Hong Kong & Macau (left), officiating the opening at the Healthcare Financing Summit 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. Caption: Alger Fung, Chief Executive Officer of AIA Hong Kong & Macau, delivers the opening address, highlighting the importance of collaboration across sectors to build a more inclusive and sustainable healthcare system for the community and future generations. 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. ADVERTISEMENT 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: Alice Liang, Chief Proposition and Healthcare Officer of AIA Hong Kong & Macau, presents her topical address, 'Healthcare – Insurance Industry Experience', sharing data-driven observations and insights on the evolving role of insurers in shaping sustainable healthcare financing models. 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. Hashtag: #AIA #友邦 The issuer is solely responsible for the content of this announcement. ADVERTISEMENT About AIA Hong Kong & Macau AIA Group Limited established its operations in Hong Kong in 1931. To date, AIA Hong Kong and AIA Macau have over 18,000 financial planners1, as well as an extensive network of independent financial advisors, brokerage and bancassurance partners. We serve over 3.6 million customers2, offering them a wide selection of professional services and products ranging from individual life, group life, accident, medical and health, pension, personal lines insurance to investment-linked assurance schemes with numerous investment options. We are also dedicated to providing superb product solutions to meet the financial needs of high-net-worth customers. 1 as of 31 March 2025 2 Including AIA Hong Kong and AIA Macau's individual life, group insurance and pension customers (as of 31 March 2025)
Argaam
25-06-2025
- Business
- Argaam
Leadership of insurance pool for latent defects insurance product transferred to Tawuniya
The Insurance Authority (IA) announced that leadership of the insurance pool for the latent defects insurance product has been transferred from Malath Cooperative Insurance Co. to The Company for Cooperative Insurance (Tawuniya), effective for three years as of June 24. As many as 17 insurance firms are taking part in this pool. According to Argaam 's data, Tawuniya announced last February its selection by the IA to lead the insurance pool against the inherent defects insurance product on behalf of the insurance sector. In July 2020, Malath signed an agreement with several participating insurance players for the latent defects insurance product, following the Saudi Central Bank's (SAMA) approval.
Argaam
25-06-2025
- Business
- Argaam
Salama gets IA's nod to renew health insurance business license
Salama Cooperative Insurance Co. received today, June 25, the renewed license from the Insurance Authority (IA) to practice health insurance activities. In a statement to Tadawul, the company said the license was renewed for one year, starting from July 2 until July 1, 2026. The company's health insurance segment recorded gross written premiums of around SAR 95 million in 2024, according to Argaam 's data.
