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International Monetary Fund. Monetary and Capital Markets Department
This note provides an update and assessment of developments in insurance supervision since 2014. It is part of the 2020 Financial Sector Assessment Program (FSAP) for the Hong Kong SAR (HKSAR) and draws on discussions there from September 10 to 24, 2019. It has not been updated for the impact of recent global events associated with the COVID-19 pandemic. The insurance sector is large, especially long-term (life) insurance, highly international and has been growing steadily. The long-term market is amongst the world’s largest, particularly by penetration (premiums to GDP). Growth has been supported by the popularity of savings products, including sales of policies to Mainland Chinese visitors (MCVs), although these have declined from their peak. The general insurance sector, though comprising many more companies, is relatively small and spread over many lines. The authorities have identified scope for growth in protection policies as well as opportunities for captive and specialty lines related to China’s Belt and Road Initiative. Tax incentives have supported the recent successful introduction of new annuity and health insurance products. Although foreign-owned companies account for a large share of business, the HKSAR is the home of three major domestic groups operating internationally.
International Monetary Fund. Monetary and Capital Markets Department
This Insurance Core Principles Detailed Assessment Report was prepared in the context of the Financial Sector Assessment Program for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). The report describes that the insurance penetration and density in HKSAR is among the top 10 in the world. Foreign-owned insurers are dominant in the HKSAR insurance sector, and account for about 72 percent of total assets as at end-2012. The long-term insurance industry is highly concentrated, while the market share of general insurance industry is more evenly distributed. All except one of the top-10 insurance groups are all foreign owned, with much larger consolidated operations compared to their operations in HKSAR. The Insurance Authority is responsible for regulating and supervising the insurance industry of the HKSAR. It is supported by the Office of the Commissioner of Insurance, a government department in the HKSAR. A self-regulatory system is used to supervise the conduct of business of intermediaries.
International Monetary Fund. Monetary and Capital Markets Department

Executive Summary The insurance sector in HKSAR is mature and diversified . The insurance penetration and density in HKSAR is amongst the top-10 in the world. Foreign-owned insurers are dominant in the HKSAR insurance sector, and account for about 72 percent of total assets as at end-2012. The long-term insurance industry is highly concentrated, while the market share of general insurance industry is more evenly distributed. All except one of the top-10 insurance groups are all foreign-owned, with much larger consolidated operations compared to their

International Monetary Fund. Monetary and Capital Markets Department

://www.imf.org/external/np/fsap/fssa.aspx . Contents Glossary EXECUTIVE SUMMARY INTRODUCTION A. Scope and Approach of This Note B. Overview—Institutional and Market Setting FINDINGS AND RECOMMENDATIONS A. Overview of the Implementation of the 2014 FSAP Recommendations B. The Establishment of the Insurance Authority C. The Development of Regulation D. Supervision (Including Recovery and Resolution Planning) E. Insurance Conduct of Business and Intermediary Regulation BOXES 1. FinTech Developments in the HKSAR Insurance Sector and the Regulatory Response 2. The IA’s Approach to

International Monetary Fund
This paper evaluates key findings of the Financial System Stability Assessment for Hong Kong Special Administrative Region (SAR), including Reports on the Observance of Standards and Codes on Banking Supervision, Securities Regulation, Insurance Supervision, Payment Systems, Securities Settlement Systems, Monetary and Financial Policy Transparency, and Corporate Governance. Overall, the financial system in Hong Kong SAR is resilient, sound, and overseen by a comprehensive supervisory framework. The banking system is sufficiently well capitalized and profitable to be able to withstand the more likely macroeconomic shocks, although some pressures on bank profits are emerging.
International Monetary Fund. Monetary and Capital Markets Department

of orders in relation to its reviews. In addition, the internal procedures of the IA are subject to review by a Process Review Panel, an independent but non-statutory panel that reviews and advises the IA on the adequacy of internal procedures governing operational decisions such as authorizations. Box 1. Hong Kong SAR: FinTech Developments in the HKSAR Insurance Sector and the Regulatory Response In common with many jurisdictions, the HKSAR has seen growing interest in FinTech across financial services. In insurance (where it is also known as InsurTech

International Monetary Fund. Monetary and Capital Markets Department

the total assets of the financial sector. Foreign-owned insurers are dominant in the HKSAR insurance sector, and account for about 72 percent of total assets as at end-2012. The long-term insurance industry is highly concentrated, while the market share of general insurance industry is more evenly distributed. All except one of the top 10 insurance groups are all foreign-owned, with much larger consolidated operations compared to their operations in HKSAR. A number of insurers are part of financial conglomerates headed by parent banks where HKMA is the lead

International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Report on the Observance of Standards and Codes for Hong Kong Special Administrative Region (HKSAR). HKSAR has a very high level of compliance with the Basel Core Principles for Effective Banking Supervision. The Hong Kong Monetary Authority (HKMA) complements its high supervisory standards with a sustained commitment to the international regulatory reform agenda where it is an early adopter of many standards. The banking system is characterized by the dominant presence of institutions with foreign ownership, including the systemic banks, which puts a premium on the HKMA’s role as a host supervisory authority.
International Monetary Fund

life insurance companies. Long term premiums were HK$ 56.9 billion in 2001, or around 4.4 percent of GDP. The non-life market is broadly based, with a large local insurer presence. These companies generally have a broader range of distribution channels including their own agents, agents of other companies, local brokers and international brokers. Non-life premiums amounted to about HK$19.4 billion in 2001. 148. A unique feature of the HKSAR insurance market is the presence of self-regulatory bodies for insurance agents and brokers, and the supervisory reliance on