Macau (motor assistance) Claims services +852 2894 0660. Specifically designed for companies or organizations with 3 or more employees. For the long-term growth and stability of your enterprise, your priority is to take out a suitable insurance plan for your company and your staff. As the name suggests, business interruption insurance plans offer coverage for the financial costs associated with disruptions to your normal order of business. These terms and conditions shall apply and PFS/LFSI will become your independent Sum Insured per Person. Our AGCS Hong Kong team works closely with selected business partners to provide local expert underwriting and claims support for your business. The recent development comes 10 months after its official launch. MoneyHero Insurance Brokers Limited (registered in Hong Kong under company number 2196683) (MHIBL) is a wholly owned subsidiary of MHGL. In July 2020, the Hong Kong Legislative Council passed the Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Business) Bill 2019. Awards submission is now closed. 8 years of working experience in business development / partnership experience Exposure in General Insurance, particularly bancassurance would be a definite advantage Expertise to build strong relationship quick, responsive to partner & customer needs Kwock and Alex Leung Te-yuan co-founded the company in 2016 and almost immediately took the plunge into developing the companys core business providing medical insurance for pets convinced that a huge number of dog and cat owners in Hong Kong werent buying such coverage even with the high cost of veterinary care in the city. HK$ 1,000,000. AIA GROUP is Insurance and Financial Services Company with headquarters in Hong Kong. Insurance industry in Hong Kong . Supporting the Hong Kong insurance industry for over 50 years. Because at FWD, we understand that every business is as unique as you are. Cigna Worldwide Life Insurance Company Limited and Cigna Worldwide General Insurance Company Limited have been authorized and regulated by the Insurance Authority to carry out long-term insurance business and general insurance business respectively in or from the Hong Kong SAR. The Singapore Medical Council (SMC) and the Ministry of Health are considering making it mandatory in order to improve the professionalism of healthcare service but it has not been confirmed yet. HONG KONG, Nov. 18, 2021 /PRNewswire/ -- China Pacific Life Insurance (H.K.) In this article, we will describe the most common business licences in Hong Kong and provide links to more detailed information as appropriate. FWD Financial Limited is licensed by the Insurance Authority of Hong Kong to carry on General and Long-Term Business (including Linked Long-Term Business) in Hong Kong. Fri, 1 October 2021. Hong Kong This website is operated by FWD Financial Limited, a licensed insurance agent of FWD Life Insurance Company (Bermuda) Limited and FWD General Insurance Company Limited. Insurance Asia - Hong Kong - Browse Hong Kong news, research, commentary and analysis from Insurance Asia The principal function of the IA is to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders. ISSH26/18-19 . 05 February 2021. Is medical malpractice insurance compulsory? Flights and ferry services were cancelled or delayed as storm Pakhar lashed Hong Kong and Macau with strong winds and heavy rains on Aug. 28, The National reported citing media sources. In order to apply for a business licence in Hong Kong, the company must first be registered with the Companies Registry. Sign in Report this job Headquartered in Japan, MSIG is a long-established global insurer with 14,000 dedicated employees. An applicant must demonstrate to the IA that, among other things, it meets all of the capital, solvency and local asset requirements, and that all of its directors and controllers meet the fit and proper test. The Airport Authority Hong Kong said that a total of 206 flights were cancelled and another 471 delayed, while 44 flights had to be diverted because of the storm. Business insurance is a generic term for all insurances meant to protect a business. Foreign nationals, including one U.S. citizen, have been arrested under the NSL. A tax rate at 50% of the normal profit tax rate applies to offshore business of professional reinsurance companies. This guide to insurance for startups and small businesses covers the key points that business owners need to know and will help you to navigate the local insurance market. INSURANCE BUSINESS In a move to further promote Hong Kong's insurance business in Asia and the Guangdong-Hong Kong-Macao Greater Bay Area, the new regulatory regime for insurance-linked securities (ILS) and the rules relating to the expansion of captive insurance business will come into operation on 29 March 2021. Approval of transfer of general business 4B-2 25E. From Office Contents coverage through to Business Interruption and Theft insurance, a business AXA Hong Kong and Macau, a member of the AXA Group, prides itself on serving over 1.5 million customers [1] with our superior products and services. Taxation Direction by Authority to re-determine liabilities 4A-10 25C. This paves the way for the bank to introduce a Hong Kong SAR adopts a territorial basis of taxation. Hong Kong This website is operated by FWD Financial Limited, a licensed insurance agent of FWD Life Insurance Company (Bermuda) Limited and FWD General Insurance Company Limited. Metropolitan Life Insurance Company of Hong Kong was established in 1995 as the US insurance giants wholly-owned subsidiary in the region. Provide protection against stock in transit, loss of gross profit, legal liabilities to employees and members of the public, personal accident and accidental breakage of ISSH26/18-19 . Introduction to Hong Kong LGBT+ Inclusion Awards. (h) Hong Kong long term insurance business means : - i. any direct business or facultative reinsurance business, being long term business, in relation to which the risk is underwritten in Hong Kong, that is to say-(i) the policy is issued in Hong Kong; It includes coverage for property damage, legal liability or employee-related risks. The Hong Kong insurer is looking to offset a drop in Through Hong Kong coverholders and trusted London centred partnerships, Lloyds underwriters are amongst the largest commercial insurers and reinsurers in the territory. In early July this team started selling online travel policies to retail clients, Lee says. Previously, Hong Kong had a concessionary tax regime whereby a profits tax rate of 8.25% (that is, half of the current profits tax rate of 16.5%) was available to authorized captive insurance business and reinsurance business of professional reinsurers in Hong Kong. About AXA Hong Kong and Macau. May Kunmakara. Cover loss of money in your premises during business hours, in transit or in a bank night safe up to HK$75,000. The number and categories of Awards varies each year, with 5 Awards offered in 2021. Specially designed to cater for the needs of small- and medium-sized enterprises in Hong Kong, our Office Comprehensive Insurance offers you an all-in-one risk solution at a competitive price. Most often in Hong Kong, business interruption insurance is the expression used as a title in the business insurance package for the small and medium size companies. Insurance for Businesses | AXA Hong Kong SME BUSINESS INSURANCE Comprehensive coverage for interior renovation project of home, shop or office Contractors All Risks Insurance Learn More EMPLOYEE BENEFITS Embracing the COVID-19 New Normal Supporting our Employee Benefits Members Learn More SME BUSINESS INSURANCE It is compulsory in many countries, but not in Singapore, Hong Kong, and Mainland China. MyHEALTH is underwritten by Liberty International Insurance Ltd. Businesses in Hong Kong have a range of different options when it comes to their corporate insurance. Forgot password? Mr. Simpson replaces Doug White who will return to his former role as Chubbs Head of Major Accounts for Asia Pacific, a premium service division A private limited company in Hong Kong requires at least one director who is a natural person and one company secretary. Business Insurance Packages in Hong Kong are able to provide an extensive range of protection under a single, easy-to-use insurance policy. MHIBL is an authorized insurance broker with Insurance Authority License Number FB1740 whose business it is to arrange insurance products and services for its clients. These are the Hong Kong Confederation of Insurance Brokers or the HONG KONG-Members of Hong Kong's insurance community see no need to cross their fingers during the pomp and ceremony of tonight's transition to Chinese rule. Most limited companies incorporated in Hong Kong are private companies limited by shares. Business interruption insurance. Maintenance of assets in Hong Kong-general business 4A-2 25B. 15/F, Skyway Centre, 23 Queen's Road West, Sheung Wan, Hong Kong. Think about how extreme weather events, such as Hong Kongs turbulent typhoons, can shut down transport, and leave product deliveries delayed. To encourage and support HK export trading, the HKECIC provides credit and receivables management, and shared market information to help exporters manage credit risks and grasp business opportunities. Email or phone Password Show. All the advice and information you need for living abroad! Businesses operating in Hong Kong, as well as individuals and businesses conducting business on their behalf, are subject to the laws of Hong Kong, including the National Security Law. HONG KONG International Comparison of Insurance Taxation October 2007 Hong Kong General Insurance Definition Definition of property and casualty insurance company Accounting A company authorised under the Insurance Companies Ordinance to carry on insurance business other than long-term (Life) insurance business. In Hong Kong, among the most prominent types of business insurance are workers compensation, business auto insurance, and general liability insurance. AIA is the largest independent publicly listed pan-Asian life insurance group with a presence in 18 markets across the Asia-Pacific region. by Fintech News Hong Kong February 15, 2022 livi bank, one of Hong Kongs eight virtual banks, has been granted an insurance agency license from the Hong Kong Insurance Authority. Whereas previously, the threshold for insurance was US$10,000 in sales for three consecutive months, which was rarely [] Insurance plans for Businesses in Hong Kong from CCW can include coverage for: According to Hong Kong law any employer in the city, including businesses and households, must possess an Employee Compensation (EC) Insurance policy to cover the liability of the employee injuring themselves while at their job. For many businesses, insurance isnt just a means for securing risk. Where an unauthorised insurer carries on insurance business in or from Hong Kong, any insurance contract it issues is void at the option of the policyholder ( section 6A, IO ). Criminal liability. Sign in to save Senior Business Analyst, Information Technology at MSIG Insurance Hong Kong Limited. Hong Kong-based multinational insurance company FWD Group on September 29 officially launched its insurance business in Cambodia to cash in on the burgeoning demand, as part of the companys strategy to expand into 10 markets across Asia. Cover unlimited number of business trips throughout the year and up to 180 days per trip. 832 licensed insurance broker companies. Hong Kong insurance market: The most popular types of insurance in Hong Kong [Data Source: Wikipedia, Hong Kong insurance market: Long-term insurance products] Here is the main product structure of Hong Kong insurance, the long-term insurance products which can be divided into two parts: Protection type products and Investment type products. Hong Kong businesses that lease office or retail space need insurance protection for their business property, which will include office equipment, Read more Employees Compensation Insurance Hongkong Business - The Latest News, Headlines, Insight, Commentary and Analysis. Target Insurance, established in 1977, is the largest motor insurer in Hong Kong, providing coverage for mini buses and more than 60 per cent of This is a list of insurance companies in Hong Kong. As of 2017, profit tax is 16.5%. A Business Insurance Package can be a simple and effective way to protect a company against a wide range of diverse risks in a single easy-to-use policy. Insurance Asia - Hong Kong - Browse Hong Kong news, research, commentary and analysis from Insurance Asia On August 10 2021, Amazon changed its requirement for sellers mandating that a business or sole proprietor selling on Amazon.com are now required to take out insurance once they reach US$10,000 in sales in one month on Amazon.com. 9th Floor, Chinachem Hollywood Centre, 1-13 Hollywood Road, Hong Kong. Ed is the Chief Executive Officer of HSBC Life (International) Limited and HSBC Insurance (Asia) Limited, overseeing HSBCs insurance business in Hong Kong and Macao. Let Zurich contact me. P&C. We are #FWDInsurance, a leading pan-Asian insurer that is changing the way people feel about insurance | Established in Asia in 2013 with a trailblazer mentality, FWD is the primary insurance business of investment group, Pacific Century Group. Hotline: (852) 3115 7620 Fax: (852) 3115 7630 Email: [emailprotected] Our partners: Soteria Trusts | Certainty Estate Planning Limited. Limited company is the most common form of business entity in Hong Kong. Its why we promise broad coverage at a Call 3123 3123 Chat EN EN Your business, our trusted expertise Why choose us? Data from Hong Kong s Insurance Authority showed that local insurers saw 5.5% year-on-year increase in total gross premiums to $461 billion Hong Kong ($59.5 billion) in FWD Insurance | 76,280 followers on LinkedIn. FWD Financial Limited is licensed by the Insurance Authority of Hong Kong to carry on General and Long-Term Business (including Linked Long-Term Business) in Hong Kong. Insurance providers embracing technological advances in underwriting will have an edge in the post-pandemic era, and Azure Risks ability to arrange competitive and appropriate Cargo Insurance and Freight Forwarders Liability cover puts them ahead of the game. Warranty and Indemnity insurance. Detailed info on Agencies, Brokerages, and Other Insurance Related Activities companies in Hong Kong, SAR China, including financial statements, sales and marketing contacts, top competitors, and firmographic insights. Hong Kong life insurance segment, and a comparison of the Hong Kong insurance industry with its regional counterparts. Trade Credit insurance. To find out about how to setup a private limited company in Hong Kong, refer to Hong Kong Company Formation guide.. Thats why we customise our cover to match your needs. Classic slips and trips insurance for everyday business risks. Business Insurance for SMEs - Clema Risk Solutions Hong Kong What is Business Insurance? Because your business is your livelihood, securing it against unexpected events should be a priority. Please click here for a copy of PFS/LFSI General Insurance Terms of Business (TOB). HONG KONG International Comparison of Insurance Taxation January 2005 Hong Kong Life Insurance Definition Definition of Life Assurance companies Accounting A company that is authorised under the Insurance Companies Ordinance to carry on long-term (Life) insurance business, which includes the following classes of business: Life and annuity How can my business avoid risk? Compare International Insurance online and save 15% or more with Major Compare, the most trusted web portal for insurance comparison. Follow-up medical expenses incurred within 12 months after returned to Hong Kong and covered 100% of unused portion. An unmitigated risk could potentially drain you financially and Email or phone Password Show. Hong Kong Insurance Outlook 2021. This paves the way for the bank to introduce a Supporting the Hong Kong insurance industry for over 50 years. HONG KONG SAR, DECEMBER 08, 2021 Chubb today announced the appointment of Scott Simpson as the new President for its general insurance businesses in Hong Kong and Macau, subject to regulatory approval. Expenses incurred and payable to Chinese Physician and Chiropractor, up to HK$200 per visit per day and max HK$4,000 in aggregate. Perfect for our Hong Kong-based operations team. Find detailed information on Finance and Insurance companies in Hong Kong, SAR China, including financial statements, sales and marketing contacts, top competitors, and firmographic insights. Small and mid-sized businesses | Zurich Insurance (Hong Kong) SME insurance SME insurance Home SME Small and mid-sized businesses You built up your business after years of hard work. For urgent claim support, please call the captioned service hotline which is handled by Toplis & Harding (HK) Ltd. on behalf of Sompo Insurance (Hong Kong) Co., Ltd. BUSINESS INSURANCE Insurance industry in Hong Kong . The Awards were launched with an aim to recognize the outstanding efforts and achievements of individuals and organisations in promoting LGBT+ inclusion in Hong Kong. 10,780 licensed technical representatives (broker). Business Pack Insurance - Chubb in Hong Kong Enterprise Guard Plus Designed to offer wide standard coverage with optional additionals Chubb understands that SMEs are usually more vulnerable to fluctuating economic conditions and business interruptions due to smaller cash flows. 2020 was undoubtedly a year of unprecedented change, and has led to new trends, new thinking and ways of working. Sign in Report this job Headquartered in Japan, MSIG is a long-established global insurer with 14,000 dedicated employees. Compare Health Insurance, Maternity Insurance, Life Insurance, Group Health Insurance and Business Insurance. In 2019, the combined ratio of insurance companies in Hong Kong was 97.6 percent. With this Business Travel Insurance Plan, you can be assured that your employees are constantly protected throughout the journey. Providing coverage for many of the business insurance products illustrated on this page, a Business Insurance package in Hong Kong can also include Public Liability Insurance and Employee Compensation Insurance coverage to give your company the most comprehensive protection possible. Year 2013 2018 Number of authorized insurers Long term 44 49 General 92 93 Composite (both long term and general business) 19 19 Total 155 161 Number of individual insurance intermediaries Insurance agents# Profits tax is payable by every person (defined to include corporation, partnership, and sole proprietorship) carrying on a trade, profession, or business in Hong Kong SAR on profits arising in or derived from Hong Kong SAR from that trade, profession, or business. Company Limited ("CPIC Life (HK)", the "Company") announced that it has been authorized by the Hong Kong Insurance Authority to operate long term insurance business note1 in Hong Kong.. John Cai, General Manager (CEO) of China Pacific Life Insurance Co., Ltd. ("CPIC Life"), Figure 1 Market structure, 2013 and 2018 . Hong Kong sees huge potential for cat bonds. Figure 1 Market structure, 2013 and 2018 . Sign in to save Senior Business Analyst, Information Technology at MSIG Insurance Hong Kong Limited. Business insurance protects all contents and stock for the full replacement value, covers Business Contents or Stock and Loss of Money. As a generic term, the business interruption insurance has several meaning and definition. Year 2013 2018 Number of authorized insurers Long term 44 49 General 92 93 Composite (both long term and general business) 19 19 Total 155 161 Number of individual insurance intermediaries Insurance agents# FWD Group spans 10 markets in Asia including Hong Kong SAR & Macau SAR, Thailand, Providing coverage for many of the business insurance products illustrated on this page, a Business Insurance package in Hong Kong can also include Public Liability Insurance and Employee Compensation Insurance coverage to give your Taxation. Sompo Insurance (Hong Kong) has also employed Google Groups to set up a collaborative site for a small customer service team established to extend the insurers business into retail products. Hong Kong long term insurance business carried on by the insurer. Description of Benefits. The Insurance Authority (IA) is an insurance regulator independent of the Government and the insurance industry. by Fintech News Hong Kong February 15, 2022 livi bank, one of Hong Kongs eight virtual banks, has been granted an insurance agency license from the Hong Kong Insurance Authority. 2007-11-26 Source: "Register of Authorized Insurers".Insurance Authority. During 2019, the Hong Kong insurance industry's total gross premiums increased by 10.2% to HKD566.9 billion. In 2019, total office premiums for in-force long term business was HKD511.5 billion (a 10.8% increase). Individual life remained the dominant line of business, comprising HKD440.2 billion or 86.1% of total long-term business. Macau. All medical reports, information and evidences as required by us shall be furnished at Claimant's own expenses. MyHEALTH Business is a fully licensed, onshore group health insurance policy in Hong Kong. Titre articles pousss. Optional Protections. Any insurance company must receive an authorization from the Hong Kong Insurance Authority before commencing any business operations in the city.Insurance brokers must also receive an authorization from the same authority or they must be registered with one or both insurance broker bodies existing in the city. Medical Expenses. Source: "List of Authorized Insurers" (PDF).Office of the Commissioner of Insurance. Hong Kong. Plan 1. Letter of credit or other commitment from a bank 4A-14 Part IVB Transfer of General Business 25D. Complete and sign the Claim Form - Travel Insurance with supporting documents to filing a travel claim. Hong Kong Export Credit Insurance Corporation provides export credit insurance protection against buyer & country risks, with percentage of indemnity up to 90%. They are currently seeking a number of Business Analyst's with around 1-2 years experience to support them on a number of key initiatives. Insured by Liberty Internatioanl Insurance Limited (Hong Kong), your company can rest assured that our plans have the financial stability to cover the costs of care. CCW Global is able to offer comprehensive Business Insurance Packages to businesses and companies in Hong Kong and China. In 2017, Mr. Chan was promoted to Vice President and Head of Business Development, Distribution Operations, where he contributed to the expansion of Hong Kongs individual insurance business and the marketing of a wide range of insurance solutions December 27, 2021 Reprints. As part of the deal, FWD through its Hong Kong-registered business FWD Management will acquire MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively MetLife Hong Kong). Hong Kong +853 2849 2849. File your claim. Plan 2. Life insurance businesses are assessed at 5% of the value of the premiums arising in Hong Kong. Plan Highlights. In 2019, total office premiums for in-force long term business was HKD511.5 billion (a 10.8% increase). Requirement for Assets in Hong Kong 25A. Inject confidence and power into your new business opportunities. Hong Kong-based digital bank ZA Bank will venture into the insurance space after being granted a licence by the Hong Kong Insurance Authority, media reports said. Generali Hong Kong is an insurance company that offers both personal and business insurance solutions to protect people since the 1970s for over 40 years. Offers optional protection for selection. Hong Kong insurer launches business in Kingdom. Forgot password? Find detailed information on Insurance Carriers companies in Hong Kong, SAR China, including financial statements, sales and marketing contacts, top competitors, and firmographic insights. For emergency assistance overseas, please call 24-hour Emergency Assistance Hotline (852) 2164 9898. Arranged and administered by APRIL Hong Kong Limited. It can be done economically through business insurance. Hong Leong Insurance (Asia) in commercial expansion: AM Best. Business Analyst - Insurance Our client, a leading global insurance company, based in Hong Kong, is looking to build their transformation team. Through Hong Kong coverholders and trusted London centred partnerships, Lloyds underwriters are amongst the largest commercial insurers and reinsurers in the territory. 13 January 2021 The specifications of workers compensation require the business to protect its employees in case of any disability or injury suffered while on the job. Jan 13, 2022 In 2020, AIA Group generated 18.9 billion Hong Kong dollars in insurance premiums from new business in Hong Kong. A non-Hong Kong resident can be appointed as a director. During 2019, the Hong Kong insurance industry's total gross premiums increased by 10.2% to HKD566.9 billion. A new market entrant intending to carry on insurance business in Hong Kong needs to apply to the IA for authorisation to do so. Sompo Hong Kong : Business Insurance Claims Services Hotline Should you have any claim inquiry, please feel free to contact us at (852) 2831 9980. Hong Kong Macau (worldwide travel assistance) +853 6262 6385. Registered address: 35/F Citicorp Centre, 18 Whitfield Road, Causeway Bay, Hong Kong.

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