The Hong Kong Insurance Authority (IA) has issued a warning about Marble Insurance Services Limited, a company presenting itself as a general insurer in Hong Kong without necessary authorisation.
The IA clarified that the company is not listed under the Insurance Ordinance (Cap. 41) and lacks the required license to conduct insurance business or related activities in Hong Kong.
The IA advised anyone who may have shared personal data or engaged in financial transactions with this company to report their experience to the Hong Kong Police Force.
Members of the public were encouraged to confirm the credentials of any business claiming to offer insurance services by checking the IA’s official registers for authorised insurers and licensed intermediaries, available on the IA’s website.
On the bright side, the IA recently released provisional data showing that the Hong Kong insurance sector grew in the first half of 2024. Total gross premiums rose by 5.1% from the same period in 2023, reaching HK$310.9 billion.
Revenue from in-force long-term insurance policies increased to HK$273 billion, a 5.5% rise year-over-year. Individual life and annuity (non-linked) policies accounted for HK$243.3 billion, showing 6.9% growth, while the individual life and annuity (linked) business segment declined by 16%, totalling HK$10.7 billion.
Retirement scheme business premiums also saw slight growth, rising by 1.9% to HK$15.1 billion. Claims and benefits paid to policyholders in the long-term sector totalled HK$183.6 billion, an 18.2% increase from the previous year.
For new office premiums in long-term business – excluding retirement schemes – HK$115.9 billion was recorded, up 12.3% from the previous year. Individual life and annuity (non-linked) products contributed HK$111.3 billion, marking a 15.5% rise, while linked business premiums fell by 34.7% to HK$4.3 billion.
The IA reported that around 44,000 qualifying deferred annuity policies were sold in the first half of 2024, generating HK$2.8 billion, or 2.4% of total premiums from individual business.
Premiums from policies sold to Mainland Chinese clients decreased by 6.9%, totalling HK$29.7 billion.
Mainland clients’ contribution to total new premiums in individual business declined from 31% to 25.7%. Regular premium policies dominated sales to this group, with whole life, critical illness, and endowment insurance making up 59%, 29%, and 3%, respectively.
