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Phill Witherington, President and CEO of Manulife Asia, delivers opening remarks at the 2024 South China Morning Post - China Conference at the Hong Kong Ocean Park Marriott Hotel in Aberdeen on 4 July 2024. Photo: May Tse
Banking & finance

Manulife promotes Asia insurance head Phil Witherington to group CEO

Asia was the largest contributor to Manulife’s group earnings, accounting for 44 per cent of the total in the third quarter.

SCMP Exclusives

Exclusive | Manulife on track to reach 50% Asia earnings target by 2027

Business of climate change

Hong Kong EV insurance costs to fall, but third-party liability may remain high

Crime

‘Bear’ attacking luxury cars in US$142,000 insurance case was human in suit

Four LA residents were arrested in ‘Operation Bear Claw’ for making fraudulent claims involving two damaged Mercedes and a Rolls-Royce.

This bear costume was allegedly worn by suspects with the aim of committing insurance fraud. Photo: California Department of Insurance via AP
Hong Kong society

Manulife executive in Hong Kong criticises employer for policies in autism cases

Damien Green, chairman of Manulife Financial Asia, is ‘sad and frustrated’ by insurers’ treatment of autistic people, including his own son.

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Hong Kong economy

Sell insurance to stay in Hong Kong? Top talent turn to ‘safety net’ job

Aims of talent trawl questioned as arrivals grab insurance sales jobs to stay in city, but some say move reflects ‘reality’ of current economy.

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C-suite interviews

Exclusive | Hong Kong needs a playbook to become marine insurance hub: broking giant

Hong Kong’s potential as a marine insurance hub hinges on tax incentives and easier capital raising for insurers, Willis Towers Watson CEO Carl Hess says.

Hong Kong has 2,600 ships with an aggregate 130 million gross tons, making it the world’s fourth largest register. Photo: Jelly Tse
China economy

Full steam ahead as Shanghai ports eye global container volume record

The city is investing in infrastructure and technology to support growth, while also liberalising its finance sector to attract international shipping businesses.

Crime in Hong Kong

Hoax anthrax letters disrupt operations of several Hong Kong insurance firms

Fifty AIA Financial Centre employees evacuated after one receives envelope containing white powder and labelled ‘anthrax’.

Singapore

Singapore blocks Income’s deal with Allianz amid ‘structure, terms’ concerns

Prime Minister Lawrence Wong says the government remains open to a new deal if the concerns are fully addressed.

The Singapore government has stepped in to stop a proposed acquisition worth S$2.2 billion (US$1.68 billion) by German insurance giant Allianz of the city state’s home-grown Income Insurance. Photo: Shutterstock
Hong Kong

Shanghai, Hong Kong ports lag global peers on services, CY Leung says

‘Drawbacks are obvious’, and both cities must upgrade to ‘wield more influence’ in global shipping, says Hong Kong’s former chief executive.

Containers sit at a terminal at the Yangshan deepwater port in Shanghai on October 10, 2024. Photo: Reuters
China economy

In China’s quest for ‘patient capital’, insurance funds may fit the bill

As China seeks long-term investment with higher risk tolerance, insurance funds have been brought up as one potential option.

Cybersecurity

Hongkongers buying more pet coverage, propelling insurer OneDegree to a profit

The company said 64 per cent of its insurees are cats; the rest are dogs, save for a few birds.

Business of climate change

Exclusive | Climate change imperils Asia’s middle class, Hong Kong reinsurer says

People in emerging markets risk being ‘thrown back into poverty’ by natural disasters amid an insurance gap, Peak Re CEO says.

People paddle makeshift rafts to move to safe areas in Gia Lam District, Hanoi, Vietnam, on September 12, 2024 after Typhoon Yagi swept through. Photo: Xinhua
Malaysia

Malaysia set to launch Forest City Financial Zone, but will it lure businesses?

Industry insiders say the government must go beyond tax incentives to attract the firms needed to revive the troubled US$100 billion project.

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A welcome sign stands at a roundabout in front of residential apartments in Chinese developer Country Garden’s Forest City in Johor Bahru, Malaysia. Photo: EPA-EFE
Financial regulation

China creates ‘concerto’ of rules for insurance sector, promotes investment

China’s State Council issued a 10-point document on Wednesday outlining comprehensive regulations for the insurance industry.

HSBC

Exclusive | HSBC Life sees Asia’s wealthy, bay area retirees as key to growth

Key growth areas are the wealth hubs of Hong Kong and Singapore, alongside the emerging wealth markets of mainland China and India, CEO Moncreiffe says.

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Wealth management

Buyers from mainland China drive record Hong Kong life insurance sales

Sales surge 12 per cent to US$14.9 billion as mainland visitors continue buying spree to chase better returns and hedge the yuan.

Tourists crowd the Avenue of the Stars at Victoria Harbour in Tsim Sha Tsui during the ‘Golden Week’ holiday period on October 2, 2023. Photo: May Tse
The Philippines

Travellers seek best insurance against natural disasters, scams: Klook survey

More respondents in a Klook survey want policies that insure against natural disasters and travel scams. Hong Kong travellers are willing to pay for premium plans to get ‘maximum peace of mind’.

United States

As Berkshire Hathaway tops US$1 trillion, Buffett’s legacy reaches new heights

Warren Buffett’s conglomerate joins tech giants like Apple, Nvidia, and Microsoft with a market value of US$1 trillion.

Hong Kong company reporting season

Prudential posts surprise interim profit drop due to investment losses

Profit from new business, a key measure of sales and the future growth of insurance companies, increased 8 per cent to US$1.47 billion, bolstered by improving sales in Southeast Asia and on the mainland.

Prudential’s signage atop a building in Hong Kong on August 2, 2024. Photo: Bloomberg
Ping An Insurance

Exclusive | Ping An eyes services for Hongkongers retiring to Greater Bay Area

China’s largest insurer sees opportunities serving Hongkongers who are living in the mainland cities of the Greater Bay Area – a group that has grown 11 per cent in the last five years.

A view of Ping An Finance Centre, the tallest skyscraper in Shenzhen. Photo: Getty Images
Ping An Insurance

Ping An Insurance beats forecasts with best profits in 4 years on robust sales

China’s biggest insurer reported a 6.8 per cent gain in interim earnings, its best half-yearly performance in four years amid analysts’ pessimistic forecasts.

Banking & finance

Mainland Chinese buying spree boosts AIA’s first-half profit 53%

Asia’s largest insurer posted its best first-half profit in five years at US$3.31 billion and beat analysts’ estimates of US$3.27 billion.

Medicine

US hospital lost part of his skull, then charged US$19,000 for replacement

Added costs from Fernando Cluster’s botched surgery ended up at over US$146,000, which his lawsuit blames on the hospital’s mistake.

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Fernando Cluster and his wife have filed a lawsuit seeking compensation and damages from Emory University Hospital Midtown. Photo: TNS
Earthquakes

Editorial | Check fine print on insurance for quakes

Hong Kong’s Security Bureau updated an existing amber outbound travel alert urging awareness and caution for Japan in wake of recent spate of earthquakes and a warning of a possible ‘megaquake’

A collapsed house in Osaki, in Japan’s southwestern prefecture of Kagoshima, after a magnitude-7.1 earthquake hit the region last week. Photo: Kyodo
Hong Kong tourism

Explainer | What you need to know about Hong Kong travel insurance if quake hits Japan trip

Here’s how to navigate insurance claims if your trip to Japan is affected by an earthquake or other unforeseen circumstances.

Business of climate change

AXA launches Hong Kong’s first heatwave insurance to protect outdoor workers

The payout from the insurance comes into force when the temperature stays above 36 degrees for three consecutive days from August to October.

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Insurance
Stories about the insurance industry, including life, general, property and casualty insurance
last updated:
9 September, 2024
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