Enriching Lives: A History of Insurance in Hong Kong, by Bangyan Feng

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By Bangyan Feng

This is often the 1st accomplished background of Hong Kong's coverage undefined, and argues its primary significance within the economic system. Typhoons, shipwrecks, fires, wars, political turbulence and unforeseen occasions of all types supply a dramatic history to a desirable survey.

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K. H. Wong Executive director and CEO, the Asia Insurance Co. Ltd. Joined the industry in 1962 I remember back in the 1980s, when foreign brokers just landed here from overseas, they mostly got with international firms and had few dealings with local insurers. At the same time, local Chinese insurers also resisted dealing with foreign brokers who saw only ‘gweilos’ as business partners. Asia was the first local firm to enter into business partnerships with these foreign brokers. But when the Chinese-owned insurance firms saw how they’ve been losing out to these brokers, they got smart and began to forge partnerships.

That way, Russell nearly monopolized the shipping insurance market along the Yangtze. 2 million taels of silver Pioneer Insurers in the New Crown Colony: Canton and Union and a paid-up capital of 720,000 taels. It rose as one of the major players among foreign insurers in Hong Kong and Shanghai, until its operations were halted in 1941 by Japanese occupying forces. In 1865, Heard founded and funded the British Traders’ Insurance Co. Ltd. 2 million taels of silver and a paidup capital of 600,000 taels.

With a combined investment of $10 million, the insurer offered fire and marine coverage, mortgage-lending services, and other products. The Establishment and Development of the Chinese-Owned Insurance Sector 45 46 Enriching Lives Fig. 5 The Hong Kong Hotel on fire in January 1926. Fig. 6 (opposite) Connaught Road in Central Hong Kong after a typhoon in 1906. By 1930, Hong Kong had seen the rise of more than fifty insurers—both local and foreign. Foreign insurers, mostly branches of firms headquartered elsewhere, had far more capital than local firms.

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