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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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Future Prospects of Hong Kong’s Insurance Industry

(p.212) (p.213) Conclusion
Enriching Lives

Feng Bangyan

Nyaw Mee Kau

, Violet Law
Hong Kong University Press

Hong Kong's insurance industry has weathered the ups and downs of more than a century and can boast an impressive record of development. New developments in 2009, namely, the new requirements of Merchant Shipping (local vessels) (Compulsory Third Party Risks) Insurance and Building Management (Third Party Risks) Insurance, will serve only to further growth. Most people in Hong Kong rely on the public health care system, which is funded mostly by taxpayers but heavily subsidized by government dollars. The services are very affordable, compared with private health care, and of high quality. However, private health care remains too expensive even for the middle class, so more and more increasingly seek out private medical insurance. This chapter further examines the emerging mainland market, growing appeal of long-term assurance schemes, and the rise of independent regulatory regime.

Keywords:   Hong Kong, insurance industry, Merchant Shipping, Insurance and Building Management, public health care, private medical insurance, long-term assurance, independent regulatory regime

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