Chapter

Changes and Innovations in the Market

Feng Bangyan and Nyaw Mee Kau

in Enriching Lives

Published by Hong Kong University Press

Published in print December 2010 | ISBN: 9789888028702
Published online September 2011 | e-ISBN: 9789882206946 | DOI: http://dx.doi.org/10.5790/hongkong/9789888028702.003.0007
Changes and Innovations in the Market

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The shift of Hong Kong's economy from manufacturing to services started in the mid-1980s and continued apace into the 1990s. The impact on the insurance industry could not have been more direct. Naturally, the booming life market in Hong Kong caught the attention of many global players. Some of them quickly poured in capital and human resources to get a piece of the action. This chapter reviews four of these new global entrants: Union des Assurance de Paris-Vie, National Mutual Life Association of Australia, Transamerica Occidental Life Insurance, Lippo Reliance Insurance Co. Facing pressures from inflation, government supervision, and competition both internally and externally, many life insurance companies sought to stand out by introducing innovative products and expanding the scope of services. This chapter examines some of the market innovations that emerged in the 1990s: savings and dread disease products, all-in-one coverage, and combining coverage and investment.

Keywords: Hong Kong; insurance industry; Union des Assurance de Paris-Vie; National Mutual Life Association; Transamerica Occidental Life Insurance; savings; dread disease products; all-in-one coverage; investment; life insurance

Chapter.  6892 words.  Illustrated.

Subjects: Asian History

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