Policies designed for Expatriates cover both their financial, property, health among several loses while working in the foreign land.
It is advised that while purchasing this insurance one should consider the reputation of the company.
Hong Kong boasts of topping the region’s market in terms of insurance.
Common policies that expatriates purchase mostly include:
- Private property
- Medical coverage
- Personal liability
Integrating Insuring service in social media applications such as Instagram and Facebook is a bold step that Insurance companies are opting for Already these companies have gone beyond the box to introduced mobile apps that customers use while accessing policies, pay premiums and more of customer relations.
Major listed Insurers in China’s mainland in Hong Kong are:
Ping An Insurance of China
This is the holding company for Ping An Property & Casualty Insurance Company of China and Ping An Life Insurance Company. Ping An Insurance of China controls China Ping An Insurance Overseas Holdings Limited and Ping An Trust & Investment Company
China Life Insurance
This Insurance company is state-owned 70%, It is the largest Chinese life insurer, after witnessing rocky years in the past.
The People’s Insurance Company (Group) of China.
This a state-owned Chinese holding Company. The company has its subsidiaries including Property and Casualty Company Limited, Asset Management Company Limited.
AIA Life Insurance
Leads Hong Kong’s 50 Large Insurance Companies, AIA Life Insurance policies for businesses and individuals.
The region experiences growth in several distribution channels for products in insurance.
These premiums primarily were sold by agents. However growth is rapid in bancassurance penetration, and banks are the major insurance products distributors.
Pacific Prime Hong Kong
This is a top health insurance company specialising in marine mostly based in Hong Kong.
The flexibility that insurers are given in respect to the product diversified and the new business innovation, regulators impose heavy governance obligations to the insurers, which increases their cost base to comply with the requirements put in place insurance regulators in China encourage innovation, though the risk of side effects is worrying.
Expatriates always have some basic queries when purchasing expatriate insurance policies. Although the regulator expressly encourages business innovation, purchasing any premium for insurance requires detailed research and information on the package that one is interested in and the company that invites one to purchase a premium package from them.