As China booms, do you need renminbi insurance?
BOC Life Assurance's Terry Lo updates World Finance on the Hong Kong insurance market
Hong Kong’s renminbi insurance market is rich with potential: and with the right knowledge, investors can reap its rewards.
Hong Kong’s renminbi insurance market is rich with potential: and with the right knowledge, investors can reap its rewards. I’m with Terry Lo of leading insurance provider BOC Group Life Assurance.
World Finance: Terry, why should international investors be looking into renminbi insurance? And what resources are available?
Terry Lo: Renminbi is backed by the strong economic performance of China. Our trading and investment activities across the border are increasing. Renminbi insurance has been and will remain a reliable vehicle for risk protection and liability matching.
Hong Kong has well-established financial and regulatory systems for international investors. We have extensive experience to fully take care of their insurance needs, as well as wealth management solutions.
World Finance: So how have China’s reforms been affecting the local industry?
Terry Lo: Like most other business space in Hong Kong, we have been benefited by our close tie to China both economically and geographically. The popularity of renminbi has an increasing impact on global economy, and Hong Kong has become the main offshore market to facilitate its globalisation.
By seizing these opportunities BOC Group Life has quickly built up its insurance portfolio in renminbi and has taken up a major share of the life insurance market.
World Finance: So what are your main product offerings today?
Terry Lo: We offer a full range insurance products to meet the needs of our customers at their different life stages. Home life protection, wealth growth, annuity income, to health insurance plans. Also, these products are available in all three of the most popular currencies – that is – Hong Kong Dollars, US Dollar and renminbi.
Innovation in products is very important to us: universal life insurance plan in renminbi, limited pay annuity plan, and critical illness plan, are just some of the very good examples of our innovation efforts that have delivered great value to our customers – and the sales of the company.
World Finance: And what is your current position in the Hong Kong life insurance market?
Terry Lo: BOC Group Life has been one of the top life insurers in the market led by our success in renminbi business.
When the renminbi insurance market opened in 2009, we were the first insurer moving into this space. We then launched a series of products tapping into the growing demand of our customers. Currently our market share of renminbi insurance business is over 50 percent. We are ahead of our competitors: this gives us a clear edge to lead the market.