Future Prospects of Hong Kong’s Insurance Industry
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.
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