Hong Kong is ranked among the most highly developed in the insurance sector with most of the companies being the top insurance companies in the world.
By end of June 2016, Hong Kong had approximately 161 authorised insurers with about half being incorporated in overseas.
There are also insurance agents and brokers who are the intermediate between the authorised insurers and the policyholders.
As opposed to insurance agents who have a contact with a certain company, the brokers have no affiliations with any of the insurance companies.
At the end of June 2016, Hong Kong had 2,482 insurance agencies, 56,809 individual agents already registered in the Insurance Agents Registration Board and also 744 authorised brokers who were members of The Hong Kong Confederation of Insurance Brokers and Professional Insurance Brokers Association.
Types Of Property Insurance Policies
1. Car Insurance In Hong Kong
It’s a requirement by law to have your car insured so that you can be given the vehicle registration license. In this car insurance, the policies are split into comprehensive and third party car insurance.
The third party car insurance policy protects you against any liabilities to the third party, in the case where an accident results in injuries or death.
The comprehensive car insurance usually covers more than the third party insurance policy. This is because it includes a comprehensive plan that will include the basic third party protections, extends the cover to a vehicle theft and also any damage.
2. Home Insurance
Home insurance policies are split into two categories that you can choose, that is, Fire Insurance and Home Contents Insurance.
Home Content Insurance usually covers all your households and items in your home against any loss or theft. This policy never covers the physical structure of your home.
Fire Insurance, on the other hand, will cover the actual physical structure against any fire damage.
Best Property Insurance Providers In Hong Kong
According to the Commissioner of Insurance, the best insurance providers are Zurich Insurance Company Ltd, AXA General Insurance Company, Bank of China Group Insurance Company Limited and China Taiping Insurance (HK) Company Limited. This is because they top in overall gross premiums and many clients show satisfaction.
Choosing The Right Property Insurance Provider
It is very important to analyse and choose the right insurer to avoid loss of your property and money. It is good to look at the financial rating of the insurance provider so that you are sure that in the case of a loss, you can receive all the compensation and at the right time.
You should consider the cost of the insurance policy, whether you are given discounts and cost of maintaining the validity of the policy. It is also very prudent to consider the quality of service by closely looking at the company’s claims turnaround time and a shorter turnaround time is a clear indication of better property insurance service.