“Our first mission is not to talk about the hub,” he said. “The first mission is aiming at resolving this huge protection gap on natural catastrophes, which exists around the world [and], in particular, in this region and China.”Catastrophe bonds, or cat bonds, are a...
“With climate variability we see natural hazards impacting areas that in recent times may have been largely unaffected, meaning these communities are generally underprepared and may not have adequate insurance in place,” said Brad Weir, Aon’s head of analytics for reinsurance solutions for Asia.“There is...
Ping An Insurance (Group), China’s largest insurer by market capitalisation, is exploring ways to further expand operations in Hong Kong and the Greater Bay Area, its newly appointed co-CEO said.“Greater Bay Area, including Hong Kong, is going to be the centre of wealth creation,” said...
Ping An Insurance (Group), China’s largest insurer by market capitalisation, said its earnings fell for 2023 to their lowest level in five years, as strong sales of new policies were offset by setbacks in its asset management and technology investment businesses.Its net profit fell 23...
UK insurer Prudential reported a strong set of operating results for 2023 as the return of mainland Chinese visitors to Hong Kong boosted life insurance policy sales after the city eased the curbs imposed at the time of the Covid-19 outbreak.Net profit, which Prudential calls...
AIA Group reported a 15 per cent profit jump last year, benefiting from demand for insurance products from the return of mainland Chinese visitors to Hong Kong in search of better returns and as a hedge against a weakening yuan.Hong Kong-based AIA, Asia’s largest insurer,...
“This pent-up demand will fade, so demand will return to the average level seen during the years before the pandemic. It is unlikely to go back to a peak of HK$72.7 billion seen in 2016.”Last year’s tally is a significant jump on the three-year Covid-19...
Over the Christmas break, the unthinkable happened in my little Sai Kung village: a fire broke out in a neighbour’s kitchen and, by the time fire engines arrived in force, the home was gutted. Two months later, reconstruction continues, and it may be another month...
Developments like these have enticed high-net-worth individuals from the mainland to use Hong Kong as a base to manage their investments and diversify their portfolio.“I am very impressed by the thoughtful and excellent quality of service provided by financial advisers in Hong Kong,” said a...
Typhoon Doksuri, which triggered extreme flooding across China last summer, was one of the costliest natural disasters worldwide in 2023, leaving a multibillion-dollar shortfall in insurance coverage, according to experts.The catastrophe caused US$25 billion in economic losses, the second-costliest natural disaster worldwide and the costliest...