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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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Changes and Innovations in the Market

Changes and Innovations in the Market

Chapter:
(p.150) (p.151) Chapter 6 Changes and Innovations in the Market
Source:
Enriching Lives
Author(s):

Feng Bangyan

Nyaw Mee Kau

, Violet Law
Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888028702.003.0007

The shift of Hong Kong's economy from manufacturing to services started in the mid-1980s and continued apace into the 1990s. The impact on the insurance industry could not have been more direct. Naturally, the booming life market in Hong Kong caught the attention of many global players. Some of them quickly poured in capital and human resources to get a piece of the action. This chapter reviews four of these new global entrants: Union des Assurance de Paris-Vie, National Mutual Life Association of Australia, Transamerica Occidental Life Insurance, Lippo Reliance Insurance Co. Facing pressures from inflation, government supervision, and competition both internally and externally, many life insurance companies sought to stand out by introducing innovative products and expanding the scope of services. This chapter examines some of the market innovations that emerged in the 1990s: savings and dread disease products, all-in-one coverage, and combining coverage and investment.

Keywords:   Hong Kong, insurance industry, Union des Assurance de Paris-Vie, National Mutual Life Association, Transamerica Occidental Life Insurance, savings, dread disease products, all-in-one coverage, investment, life insurance

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