Latest news with #TheInsuranceAuthority
Argaam
19-02-2025
- Automotive
- Argaam
IA suspends Al Sagr's sale of mandotory motor insurance product on non-compliance
The Insurance Authority (IA) decided to suspend Al Sagr Cooperative Insurance Co.'s right to sell the mandotory motor insurance product as of today, Feb. 19, for violating the supervisory and regulatory rules and amid the board of directors' failure to adopt effective governance procedures. In a statement, the authority said the decision does not relieve Al Sagr Insurance of its obligations to issue valid motor insurance policies for already contracted parties and settle claims that may arise as a result. The latter is also mandated to take all necessary measures to ensure that their interests are not influenced. The authority confirmed that this suspension will only be lifted in case of an imminent correction to Al Sagr Insurance's current conditions and adherence to the set regulatory standards and requirements. The suspension decision reiterated the IA's keenness to contribute to the Saudi insurance sector's stability, its governance, supervision and control. This while protecting the rights of insured persons, beneficiaries and stakeholders.
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.
