Latest news with #InsuranceAuthority
Arabian Post
04-07-2025
- Health
- Arabian Post
AIA Hosts Healthcare Financing Summit To Foster Cross-Sector Collaborative Solutions for Hong Kong's Healthcare Sustainable Future
Caption: Professor Chung-mau Lo, Secretary for Health of the Hong Kong Special Administrative Region Government (centre); Mr Clement Cheung Wan-ching, Chief Executive Officer of the Insurance Authority (right); and Mr Alger Fung, Chief Executive Officer of AIA Hong Kong & Macau (left), officiating the opening at the Healthcare Financing Summit HONG KONG SAR – Media OutReach Newswire – 4 July 2025 – AIA Hong Kong & Macau (AIA) hosted the inaugural Healthcare Financing Summit (the Summit) as an active step towards fostering cross-sector dialogue and collaboration to address the challenges facing Hong Kong's healthcare system. Held under the theme 'Sustainable Healthcare Financing through Partnership', the Summit brought together a diverse group of stakeholders – including government officials, legislators, regulators, and leaders from the healthcare and insurance industries – to explore collaborative solutions for building a healthcare system that is accessible, affordable, and effective for the sustainable future of Hong Kong. The event featured distinguished speakers, including Professor Chung-mau Lo, Secretary for Health of the Hong Kong Special Administrative Region Government, and Mr Clement Cheung Wan-ching, Chief Executive Officer of the Insurance Authority, who shared their insights on the future of Hong Kong's healthcare. Discussions focused on the growing challenges of rising healthcare costs, an ageing population, the critical needs to foster price transparency and budgeting for patients, clinical governance in private medical services, and how stakeholders can work together to ensure the long-term sustainability of Hong Kong's healthcare. Caption: Alger Fung, Chief Executive Officer of AIA Hong Kong & Macau, delivers the opening address, highlighting the importance of collaboration across sectors to build a more inclusive and sustainable healthcare system for the community and future generations. Alger Fung, Chief Executive Officer of AIA Hong Kong & Macau, said: 'It is important for society to continue investing in better healthcare. It represents a growing share of our economy – and an even greater share of our hope for a sustainable and resilient future for all generations. ADVERTISEMENT While Hong Kong's healthcare system is widely recognised for its professionalism, trust, and exceptional outcomes, it is facing increasing pressure from demographic shifts, medical inflation, and rising demand across both the public and private sectors. As an insurer deeply rooted in Hong Kong, AIA is committed to supporting our society in overcoming these pressing challenges. We believe that meaningful change begins with collective action, guided by a shared sense of conscience and responsibility. Thanks to the valuable contributions of all participants, this Summit has brought together an alliance in action—marking the beginning of a shared journey towards building a more inclusive and sustainable healthcare system for our community and future generations. Yet this is only the beginning. The future depends on the continued, purposeful actions of all stakeholders. Together, we can play a pivotal role in shaping a healthcare system that empowers people to live Healthier, Longer, Better Lives.' Caption: Alice Liang, Chief Proposition and Healthcare Officer of AIA Hong Kong & Macau, presents her topical address, 'Healthcare – Insurance Industry Experience', sharing data-driven observations and insights on the evolving role of insurers in shaping sustainable healthcare financing models. Caption: Distinguished speakers, panelists and guests at the Healthcare Financing Summit hosted by AIA Hong Kong & Macau Caption: The Healthcare Financing Summit bringing together government officials, legislators, regulators, and leaders from the healthcare and insurance industries to explore collaborative solutions for building a healthcare system that is accessible, affordable, and effective for the sustainable future of Hong Kong. Hashtag: #AIA #友邦 The issuer is solely responsible for the content of this announcement. ADVERTISEMENT About AIA Hong Kong & Macau AIA Group Limited established its operations in Hong Kong in 1931. To date, AIA Hong Kong and AIA Macau have over 18,000 financial planners1, as well as an extensive network of independent financial advisors, brokerage and bancassurance partners. We serve over 3.6 million customers2, offering them a wide selection of professional services and products ranging from individual life, group life, accident, medical and health, pension, personal lines insurance to investment-linked assurance schemes with numerous investment options. We are also dedicated to providing superb product solutions to meet the financial needs of high-net-worth customers. 1 as of 31 March 2025 2 Including AIA Hong Kong and AIA Macau's individual life, group insurance and pension customers (as of 31 March 2025)
Argaam
25-06-2025
- Business
- Argaam
Leadership of insurance pool for latent defects insurance product transferred to Tawuniya
The Insurance Authority (IA) announced that leadership of the insurance pool for the latent defects insurance product has been transferred from Malath Cooperative Insurance Co. to The Company for Cooperative Insurance (Tawuniya), effective for three years as of June 24. As many as 17 insurance firms are taking part in this pool. According to Argaam 's data, Tawuniya announced last February its selection by the IA to lead the insurance pool against the inherent defects insurance product on behalf of the insurance sector. In July 2020, Malath signed an agreement with several participating insurance players for the latent defects insurance product, following the Saudi Central Bank's (SAMA) approval.
Argaam
25-06-2025
- Business
- Argaam
Salama gets IA's nod to renew health insurance business license
Salama Cooperative Insurance Co. received today, June 25, the renewed license from the Insurance Authority (IA) to practice health insurance activities. In a statement to Tadawul, the company said the license was renewed for one year, starting from July 2 until July 1, 2026. The company's health insurance segment recorded gross written premiums of around SAR 95 million in 2024, according to Argaam 's data.
Zawya
24-06-2025
- Business
- Zawya
Gulf General announces key appointments
Riyadh: Gulf General Cooperative Insurance Company named Mazen Hani Altamimi and Taher Mohammed Omar Agueel as the board's Chairman and Vice Chairman, respectively. The two officials took over for a three-year term that started on 16 May 2025 and is set to conclude on 15 May 2028. The Insurance Authority (IA) greenlighted the appointments on 22 June. In the first three months (3M) of 2025, Gulf General reported net losses worth SAR 23.78 million, marking an annual leap of 314.39% from SAR 5.73 million.
Argaam
22-06-2025
- Automotive
- Argaam
Al Sagr to resume compulsory vehicle insurance sales
Al Sagr Cooperative Insurance Co. announced that the Insurance Authority (IA) issued a decision, on June 19, lifting the suspension and allowing the company to resume selling compulsory vehicle insurance. The decision follows the company's board of directors taking steps to implement effective governance measures, rectify previously recorded violations, and comply with regulatory standards and requirements. The IA also emphasized the need for continued compliance with all applicable laws, regulations, and instructions, in addition to taking necessary measures to prevent any recurrence of such violations. The decision is expected to have a positive impact on the company's performance, as compulsory vehicle insurance is one of its core and high-return products. According to data available with Argaam, Al Sagr received a letter in February from the IA suspending the sale of compulsory vehicle insurance as of Feb. 19, 2025, due to supervisory violations and the board's failure to implement effective governance practices. The company had then anticipated that the decision would negatively affect its financial results for 2025.
