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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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The Development of Life Insurance and Bancassurance in the Post-Handover Decade

The Development of Life Insurance and Bancassurance in the Post-Handover Decade

Chapter:
(p.178) (p.179) Chapter 7 The Development of Life Insurance and Bancassurance in the Post-Handover Decade
Source:
Enriching Lives
Author(s):

Feng Bangyan

Nyaw Mee Kau

, Violet Law
Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888028702.003.0008

The handover on July 1997 made Hong Kong a Special Administrative Region within China. Around that time, the provisional government set about adding seats in the Legislative Council to represent such specific industries and other “functions,” such as finance, insurance, real estate, and commerce; hence these members were representatives of “functional constituencies.” For the longest time, conventional insurers have prided themselves on offering personalized, comprehensive service one-to-one through both the agency system and their own sales networks. However as banking expanded globally with more value-added services, bancassurance rode high on this global expansion. The development of bancassurance in Hong Kong can be traced to the Associated Bankers Insurance Co. Ltd. in the 1960s and CIGNA in the 1970s. However, the heyday of bancassurance would not come until the mid-to-late 1990s.

Keywords:   handover, Hong Kong, functional constituencies, bancassurance, Associated Bankers Insurance, CIGNA

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