Insurer diversifies products
ASSOCIATED Bankers Insurance Co, a wholly owned subsidiary of Hang Seng Bank, has diversified its product range to cover more personal insurance products.
In response to soaring demand, the company has put a new hospital cash insurance service on the market.
It complements the existing core business on general insurance, which includes fire, marine, accident and travel insurance.
Director and general manager Mok Wai-kin said the general insurance market saw a premium growth of 20 per cent in the past few years, reflecting increased demand.
Travel insurance was particularly popular, achieving double-digit growth this year.
With the recent encouraging sales in the property market, Mr Mok said he expected a single-digit growth in household-related insurance, particularly fire insurance.
Premium income from car insurance fell as car sales remained low.
Mr Mok said the drop did not affect the company because car insurance accounted for only 10 per cent of overall business.
Meanwhile, the company has spent more than $10 million on new offices and facilities and establishing a 'telemarketing team'.