Transcript 投影片 1 - Hong Kong Shue Yan University

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
• Statutory Valuation Basis for Assets and
Liabilities
• Reporting Requirements
• Intervention
• Other Regulatory and Self-Regulatory
Initiatives
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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
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.
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.
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
Development of the Insurance
Industry in Hong Kong
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
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
Individual life new business
• Just 0.5% increase on the number of policies
(2005)
Market Analyze
• 64 insurers authorized long term insurers
Office Premiums (Total In-Force Business)
25
20
15
10
22
14
18
5
3
0
Below $100
million
Bet ween $100
million and $ 1
billion
Bet ween $ 1
billion and $ 10
billion
Above $10
billiom
Number of Insurers
Market Share
AIA (Bermuda),
17.2%
Remaining Insurers,
27.4%
Manulife (Int'l),
12.4%
CMG Asia, 2.9%
Royal Skandia Life,
2.9%
HSBC Life, 11.9%
Winterthur Life,
3.2%
China Life, 3.4%
Hang Seng Life,
4.2%
AXA China
(Bermuda), 5.9%
Prudential (UK),
8.6%
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.
Role play
• Screening
• Risk- based premium
• Restrictive provisions
• Prevention of fraud
• Cancellation of insurance
• Limits on the amount of insurance
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….?
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
Thank you !