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Insurance

Insurance
Stories about the insurance industry, including life, general, property and casualty insurance
last updated:
9 September, 2024
Police place bullet casing markers outside a Hilton hotel in midtown Manhattan where UnitedHealthcare CEO Brian Thompson was fatally shot on December 4. Photo: Getty Images/TNS
Hong Kong society

Outside In | US insurer murder a warning as Hongkongers worry about medical bills

City’s situation is not as extreme but the private sector is out of reach for too many and wait times in the public sector can be painfully long.

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Gun violence in the US

Gun found on US CEO shooting suspect matches shell casings at scene: police

Icons and Influencers

Who are Luigi Mangione’s wealthy parents, Louis and Kathleen Mangione?

Gun violence in the US

CEO shooting suspect had manifesto railing against US healthcare system

Handwritten document could indicate for the first time a possible motive for the murder of UnitedHealthcare chief Brian Thompson.

Luigi Mangione arrives for an extradition hearing at Blair County Court House in Hollidaysburg, Pennsylvania, Photo: Reuters
Banking & finance

Hong Kong to host annual meeting of global insurance regulators in 2026

Hong Kong should appeal to global insurers looking to set up their headquarters in the region, FWD chairman Frederick Ma says.

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United States

On Balance | US must target Big Food and insurance industry to fix its healthcare

The only positive likely to come out of the killing of UnitedHealthcare’s CEO is a national conversation about why US healthcare is so bad.

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Gun violence in the US

US CEO shooting suspect identified, ‘net tightening’, New York mayor says

The FBI is offering up to US$50,000 for information leading to the capture of the gunman who killed UnitedHealthcare’s Brian Thompson.

A undated police image shows an individual wanted for questioning in connection with the killing of UnitedHeatlhcare CEO Brian Thompson. Photo: NYPD via Reuters
Gun violence in the US

As clock ticks down, police believe gunman who killed US CEO has left New York

The search for Brian Thompson’s shooter has passed the crucial 48-hour mark – the best window of opportunity to catch the attacker.

Gun violence in the US

Murder and memes: CEO’s killing exposes frustrations with US medical system

His death did not draw much online sympathy, and a research group noted his firm denies a striking one-third of all health insurance claims.

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Banking & finance

Hong Kong needs to grow insurance talent to compete with Singapore, Dubai: CEOs

Lawrence Lam, Hong Kong CEO at Prudential, says data analysts have become more important than ever in the industry.

People crossing a busy street in Central, Hong Kong in October 2024. Photo: Dickson Lee
Trending in China

China insurance firm offers ‘996’ package to cover sudden death, accidents at work

‘996 overtime system is illegal, this insurance policy supports an illegal practice,’ says an online observer.

A Chinese insurance firm has launched a “996” package that covers sudden death and accidents related to overwork. Photo: SCMP composite/Shutterstock
Malaysia

Profiteering fears as Malaysians face punishing hike in health insurance

Proliferation of co-payment schemes, reminiscent of health insurance practices in the United States, has stirred fear and anger.

Banking & finance

BOC Life offers insurance plans for clients seeking to retire in mainland cities

Around 88,000 Hongkongers aged 65 or above were living in southern Guangdong province in 2022, 11 per cent more than in 2017.

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Banking & finance

Manulife promotes Asia insurance head Phil Witherington to group CEO

Asia was the largest contributor to Manulife’s group earnings, accounting for 44 per cent of the total in the third quarter.

Phill Witherington, President and CEO of Manulife Asia, delivers opening remarks at the 2024 South China Morning Post - China Conference at the Hong Kong Ocean Park Marriott Hotel in Aberdeen on 4 July 2024. Photo: May Tse
SCMP Exclusives

Exclusive | Manulife on track to reach 50% Asia earnings target by 2027

Asia was the largest profit contributor to Canadian insurer in the third quarter, with 44 per cent of the group’s earnings coming from the region.

Manulife completed 25 years of listing in Hong Kong in October. Photo: Shutterstock
Business of climate change

Hong Kong EV insurance costs to fall, but third-party liability may remain high

Insurance premiums are set to fall as EV prices decline, but third-party liability coverage to remain high due to accident rates and repair costs.

Crime

‘Bear’ attacking luxury cars in US$142,000 insurance case was human in suit

Four LA residents were arrested in ‘Operation Bear Claw’ for making fraudulent claims involving two damaged Mercedes and a Rolls-Royce.

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Hong Kong society

Hong Kong-based head of insurer criticises employer for policies in autism cases

Damien Green, chairman of Manulife Financial Asia, is ‘sad and frustrated’ by insurers’ treatment of autistic people, including his own son.

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Damien Green, chairman of Manulife Financial Asia, has lashed out at his employer for its “clinically dumb” underwriting policies for autistic people. Photo: Enoch Yiu
Hong Kong economy

Sell insurance to stay in Hong Kong? Top talent turn to ‘safety net’ job

Aims of talent trawl questioned as arrivals grab insurance sales jobs to stay in city, but some say move reflects ‘reality’ of current economy.

C-suite interviews

Exclusive | Hong Kong needs a playbook to become marine insurance hub: broking giant

Hong Kong’s potential as a marine insurance hub hinges on tax incentives and easier capital raising for insurers, Willis Towers Watson CEO Carl Hess says.

China economy

Full steam ahead as Shanghai ports eye global container volume record

The city is investing in infrastructure and technology to support growth, while also liberalising its finance sector to attract international shipping businesses.

The fourth phase of the Yangshan deep water port in Shanghai is the world’s largest automated container ­terminal. Photo: Reuters
Crime in Hong Kong

Hoax anthrax letters disrupt operations of several Hong Kong insurance firms

Fifty AIA Financial Centre employees evacuated after one receives envelope containing white powder and labelled ‘anthrax’.

Insurance firm Prudential’s office in Berkshire House on Westlands Road in Quarry Bay. Insurance firms have been targeted in a series of anthrax scares. Photo: Handout
Singapore

Singapore blocks Income’s deal with Allianz amid ‘structure, terms’ concerns

Prime Minister Lawrence Wong says the government remains open to a new deal if the concerns are fully addressed.

Hong Kong

Shanghai, Hong Kong ports lag global peers on services, CY Leung says

‘Drawbacks are obvious’, and both cities must upgrade to ‘wield more influence’ in global shipping, says Hong Kong’s former chief executive.

China economy

In China’s quest for ‘patient capital’, insurance funds may fit the bill

As China seeks long-term investment with higher risk tolerance, insurance funds have been brought up as one potential option.

China is seeking sources of “patient capital” to fuel its tech drive, and has mentioned insurers as potential backers. Photo: Reuters
Cybersecurity

Hongkongers buying more pet coverage, propelling insurer OneDegree to a profit

The company said 64 per cent of its insurees are cats; the rest are dogs, save for a few birds.

Alvin Kwock, co-founder and CEO of Hong Kong virtual insurer OneDegree. Photo: OneDegree
Business of climate change

Exclusive | Climate change imperils Asia’s middle class, Hong Kong reinsurer says

People in emerging markets risk being ‘thrown back into poverty’ by natural disasters amid an insurance gap, Peak Re CEO says.

Malaysia

Malaysia set to launch Forest City Financial Zone, but will it lure businesses?

Industry insiders say the government must go beyond tax incentives to attract the firms needed to revive the troubled US$100 billion project.

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