OCTOBER 3, 2012
William Russell Simplifies Claims Procedure in Hong Kong
The international health insurer William Russell has improved its procedure for out-patient claims in Hong Kong for both individual and corporate policies. Now, claims of up to US $500 can be reimbursed without requiring a doctor to fill in a claim form. Clients are only required to complete and email a short claim form with the itemized bills for treatment received.
OCTOBER 25, 2012
New Outsourcing Rules for Hong Kong Insurers
Regulations have increased for the business and operational risks associated with outsourcing business activity in the insurance industry. The issues affected by the policy change include Materiality Assessment, Risk Assessment, Contingency Planning, Sub Contracting, and various others. The rules came into effect on 1 January, 2013.
January 24, 2013
Aetna Forms Strategic Alliance with Starr International in Hong Kong
Aetna has formed a strategic alliance with Starr International Insurance (Asia) Ltd to provide medical insurance in Hong Kong. Starr International are serving as the underwriters for Aetna's medical plans in Hong Kong.
February 4, 2013
The Matilda raises consultation fees by 18%
One of Hong Kong's top private hospitals, The Matilda, raised its general practitioner consultation fees in the outpatient department by 18%.
March 27, 2013
Increasing Number of Insurance Complaints in Hong Kong
479 complaints were received in 2012, an 18% increase over 2011, and only 278 cases were closed. According to the chairman of the Insurance Claims Complains Bureau, the increasing number of complaints could simply be attributed to the fact that more Hong Kong citizens were purchasing insurance.
May 26, 2013
HK Government Seeks to Increase Control of Private Health Insurance
Food and Health Secretary Dr Ko Wing-man has said that the HK government will soon unveil a plan to "consolidate health insurance regulations" to improve coverage and encourage growth in the industry. Ko states the government would not intervene and regulate prices of insurance plans, but rather would subsidize companies to offer coverage to higher risk customers.
July 26, 2013
AIA Profits up 34% in first half of 2013
Hong Kong based insurer AIA Group Ltd reported a 34% increase in profit ($1.93 billion from $1.44 billion) for the first half of 2013, marking the fifth time AIA surpassed analyst estimates in six half-year periods as a publicly listed company. AIA also surpassed Ping An Insurance Group Co., and is now the second-largest insurer based out of Asia this year.
August 30, 2013
HK premiums grew 14.5% in first half of 2013
The Office of the Commissioner of Insurance announced that the total gross premiums of the Hong Kong insurance industry reached $143.7 billion in the first six months of 2013, a 14.5% increase compared to the same period in 2012. Total revenue premiums for long-term in-force business reached $120.9 billion, an increase of 14.9%.
September 6, 2013
Study Reveals Hong Kong has highest Medical Insurance Premium Inflation Rates
Globalsurance released its second annual International Private Medical Insurance review, revealing that for eight of Hong Kong's top medical insurers, the average rate of premium inflation over the last 12 months was 11.1%. Of the eight insurers in the study, Globality Health saw the highest increases at 34.1%, and InterGlobal saw the lowest inflation rate at only 1.6%. Out of the ten regions in the study, Hong Kong displayed the highest average inflation levels over the last five years.
September 10, 2013
Aetna Expands Direct Settlement Network
Aetna expanded its direct settlement in the UAE, China, Vietnam, Uganda, and Hong Kong. Clients with Aetna in Hong Kong can now have their claims settled automatically when they seek treatment at facilities belonging to Human Health Associate Limited and Parkway HealhCare, which has over 250 affiliate doctors in HK and Macau.