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To Be a smart insured customer, know more about the Insurance Industry

To Be a smart insured customer, know more about the Insurance Industry. Part I:   Introduction of the insurance industry in HK content  . The regulations for Insurers and Insurance intermediaries. Regulation of Insurers. Authorization Maintenance of Assets in Hong Kong

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To Be a smart insured customer, know more about the Insurance Industry

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  1. To Be a smart insured customer,know more about the Insurance Industry

  2. Part I:  Introduction of the insurance industry in HK content   The regulations for Insurers and Insurance intermediaries

  3. Regulation of Insurers • Authorization • Maintenance of Assets in Hong Kong • Statutory Valuation Basis for Assets and Liabilities • Reporting Requirements • Intervention • Other Regulatory and Self-Regulatory Initiatives

  4. Regulation of Insurance Intermediaries • Regulation of Insurance Intermediaries • The System • Insurance Agents • Insurance Brokers • Intervention • Insurance Intermediaries Quality Assurance Scheme • Other Regulatory and Self-Regulatory Initiatives

  5. Office of the Commissioner Of Insurance (OCI) • establish on June in 1990 • administration of the Insurance Companies Ordinance (Cap.41) ("ICO"). • The principal functions of the IA are to ensure that the interests of policy holders or potential policy holders are protected and to promote the general stability of the insurance industry.

  6. The HK Federation of Insurers (HKFI) • established on 8 August 1988 • a self-regulatory body of insurers • to advance and promote the development of the insurance business in Hong Kong.

  7. The Insurance Claims Complaints Bureau (ICCB) • February in １９９０establish • handling of insurance claims complaints arising from all types of personal insurance policies taken out by residents in Hong Kong. • financed by its members to provide this service free of charge to complainants

  8. Development of the Insurance Industry in Hong Kong

  9. The Long Term Business • The premium income is nearly $115,000 million (2005) • Annual growth rate is 16.6% • Insurance density per capita expenditure is $16,545 • The no. of Individual life insurance record the highest increase with 8.9% growth

  10. The General Business • The premium income is nearly $23,000 million (2005) • Annual growth is -1.4% • The insurance density per capita expenditure is $3,251 • The gross premium of aircraft record the highest increase with 53% growth

  11. Individual life new business • Just 0.5% increase on the number of policies (2005)

  12. Market Analyze • 64 insurers authorized long term insurers

  13. Market Share

  14. AIA • American International Assurance Company (Bermuda) Limited (AIA) • operates in Hong Kong and Macau • Developing in Mainland China • has a strong and professional agency • offers a comprehensive product line • including individual life, group life, and medical, credit life and accident & health insurance and a series of financial services.

  15. Role play • Screening • Risk- based premium • Restrictive provisions • Prevention of fraud • Cancellation of insurance • Limits on the amount of insurance

  16. Case study A man applied a life insurance policy and the policy was in forced. But during his application, he didn’t mention he had Asthma and went to hospital for treatment. One day, he died suddenly because of another health problem… AT LAST….?

  17. Tips to be a smart insured • Pay attention at each term • Provide accurate information • Limit on benefit • Buy enough insurance items and amounts • Find your consultant to review the policy regularly • Make sure there is enough coverage when traveling

  18. Thank you !

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