The Hong Kong Insurance Authority (IA) plans to enhance transparency and expand the range of medical insurance products to tackle rising costs, while reviewing regulations to attract more international life-insurance buyers.
“We would like to see the insurance companies introduce more medical insurance products that are more accessible and affordable for the general public, with sales practices that are fair to consumers,” said IA’s Executive Director of Policy and Legislation Clement Lau Chung-kin at a press briefing, reported South China Morning Post (SCMP).
Mr Lau said this year, the IA will gather data and conduct a comprehensive analysis of medical insurance costs and compensation levels, enabling the public to access more detailed information about coverage.
In the same briefing, IA CEO Mr Clement Cheung Wan-ching said comprehensive, industry-wide data would also help insurance companies develop a wider range of medical insurance products, boosting competition and potentially lowering prices for customers, SCMP reported.