FWD Management Holdings Limited, the Hong Kong-registered business of FWD Group, has completed the acquisition of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited from MetLife, Inc.
The China Banking and Insurance Regulatory Commission (CBIRC) has announced an extension of the preferential treatment accorded to Hong Kong under the "China Risk Oriented Solvency System" for another year to 30 June 2021. This means that Mainland insurers who cede businesses to qualified Hong Kong professional reinsurers are allowed to enjoy lower capital requirements.
The Insurance Authority (IA) has announced the extension of temporary facilitative measures for non-face-to-face distribution of specific insurance products for another three months to 30 September 2020. This was announced in view of the latest developments of the COVID-19 pandemic.
Manulife Hong Kong has launched a 'Virtual Face-to-Face' agency sales platform for all Manulife individual insurance products in Hong Kong, except investment-linked assurance schemes. This makes it among the first wave of insurers approved to do this in the market.
Manulife Hong Kong has enhanced the existing ManulifeMOVE (MOVE) experience by launching the 'MOVE Health Score' that encourages customers to make healthy lifestyle choices. This new functionality provides customers a scientific yet simple scoring method to measure how healthy they are and tells them what they need to do to stay healthy.
The Insurance Authority (IA) released provisional statistics of the Hong Kong insurance industry for the first quarter of 2020, indicating a growth of total gross premiums by 10.9% to HK$165 billion (US$21.3 billion) over the corresponding period in 2019.
HSBC has launched HSBC Health Goal Insurance Plan (HGIP), a whole-of-life insurance plan designed for commercial customers in Hong Kong. Commercial customers can now integrate HGIP into their business continuity strategy to cover enhanced keyman protection, talent retention and long-term wealth growth.
Sun Life Hong Kong Limited ("the Company" or "Sun Life Hong Kong") announced its latest "Health and Wellbeing at Work" survey in Hong Kong. The survey found that 64% of respondents are satisfied or very satisfied with the human resources policies at their company during the pandemic, with 53% enjoying an improved sense of belonging. Of those surveyed, 63% described their current mood as content, and 72% ranked health as their top life goal for the next five years.
The Hong Kong Federation of Insurers (HKFI) has issued the Best Practice on the Use of Genetic Test Results (Best Practice).
New research by Manulife Hong Kong has revealed that around one-third of working people in Hong Kong are likely to invest their retirement savings - including accrued Mandatory Provident Fund (MPF) benefits - in stocks when they retire, exposing them to the risk of high volatility.
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