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Enriching LivesA History of Insurance in Hong Kong, 1841-2010$
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Bangyan Feng Mee Kau Nyaw and Mee Kau Nyaw

Print publication date: 2010

Print ISBN-13: 9789888028702

Published to Hong Kong Scholarship Online: September 2011

DOI: 10.5790/hongkong/9789888028702.001.0001

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Post–World War II Rejuvenation and Transformation

Post–World War II Rejuvenation and Transformation

Chapter:
(p.58) (p.59) Chapter 3 Post–World War II Rejuvenation and Transformation
Source:
Enriching Lives
Author(s):

Feng Bangyan

Nyaw Mee Kau

, Violet Law
Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888028702.003.0004

The war nearly destroyed a century of painstaking effort among British firms in Hong Kong and China. The colony's insurance sector was not spared the havoc. In face of imminent invasion, foreign insurers made plans to suspend business and retreat from Hong Kong. In January 1941, Union Insurance moved its headquarters from Hong Kong to Sydney, as well as Canton Insurance. The relocation decision had been approved by the board of directors only a year before. In hindsight, the board's chairman, J. Dickson Leach, affirmed that this decision helped save the company. Tokio Marine & Fire Insurance Company, once Union's primary source of re-insurance business from Japan, stepped up as agent for the company in Hong Kong. The insurance sector ground to a halt. In August 1945, the Japanese surrendered and the war ended. Hong Kong's postwar economy recovered, and businesses flourished. This ushered in a new phase in the development of the insurance industry.

Keywords:   Hong Kong, China, foreign insurers, Union Insurance, Sydney, Canton Insurance, J. Dickson Leach, Tokio Marine & Fire Insurance, insurance industry, Japan

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