Insurance Guide

Starting a business in Hong Kong is a huge task. Not only do you have to come up with an idea, service, or product that’ll be profitable, but you also have to navigate the world and responsibilities of being the owner of a company. Startups and Small to Medium Enterprises (SMEs) are still held to the same compliance, corporate governance, and liability standards as larger companies. This includes having to manage the risks associated with operating a business, which often involves business insurance. This Kwiksure article offers a brief introduction to the world of corporate and business insurance products that you’ll need to have considered if you want to ensure compliance with local laws and protection from unexpected disruptions.

A vehicle breakdown incident is unfortunate enough without it happening on a highway or in a tunnel. Theoretically, routine repairs and maintenance can help reduce the risk of breakdowns. Drivers should nevertheless learn the right way to deal with various breakdowns as early as possible so that they will not fret in case of an emergency. Kwiksure is here to offer expert advice on how you can be fully prepared and safeguard yourself.

Homes are notoriously expensive in Hong Kong. In fact, the SAR was named the world’s most expensive housing market in 2020 . With a significant investment needed to obtain some personal space for yourself in the city, it should come as no surprise that some people will want to do what they can to protect that investment. And this is not only true for the home itself, but also the personal possessions inside it. This is where the various types of insurance out there that can provide protection for your personal property come in. In this Kwiksure article, we take an in-depth look at home insurance, its features, and other things you should know.

Update: On 28 August, Tesla officially launched its own insurance program, starting with owners in California, and claimed that the rate is “up to 20% to 30% cheaper” than its competitors. Like many luxurious cars, Tesla is a mark of success. When buying a Tesla, you don’t only get a car but rather an experience. However, like many other luxury items in the world, Tesla is expensive to maintain. Its ever-growing innovations also mean that insurers will need to adapt to their technology to bring forth an honest car insurance plan . Why is it expensive to maintain a Tesla? Simply because the spare parts are very expensive, making insurance companies reluctant to come near it. On top of that, companies do not want to be liable for expensive products. In this Kwiksure article, we will discuss the issues involving external insurance companies with Tesla and how their new insurance company may be the solution to the problem.

Congratulations on passing your driving test! But let’s get back to reality for a moment, and the reality is you still have to wait a year before you can get your full driving license. So how do you apply for your probationary driving license (P license) now? What restrictions apply when you hold a P license? What are the procedures for eventually applying for a full license? In this Kwiksure “P license FAQs” series, we will answer all these questions and more for you.

Many different elements go into running a successful company. However, one of the most crucial elements that all business owners should consider in their strategy is property and casualty insurance. In fact, whether or not you have property and casualty insurance in place can affect whether or not your business survives the unexpected. But it’s not only business owners who can benefit from this type of insurance, as many home and car owners come to realize. This Kwiksure guide offers an overview of property and casualty insurance in Hong Kong to help you get a clearer understanding of your options.

The shortage of parking spaces in Hong Kong has drivers parking their vehicles illegally. According to a traffic report, Hong Kong police have issued 3.3 million parking tickets in one year (2021). In addition, the fees collected under the violation of parking rules added up to HKD $1 billion. Hong Kong police have invested in intelligent parking ticket robots to tackle the problem of illegal parking. The robots will be able to issue parking tickets efficiently and reduce the need for human resources. Read on to learn more about intelligent parking robots and their duties.

Hong Kong is not exactly a city with a ton of space, this is especially evident when you have a car in the city and are looking for parking. In many areas of the city there is a chronic shortage of parking, so much so that many people usually end up double parking on the street. In fact, walk around an area like Central during the week and it's common to see vans and cars lined up with drivers sitting in the vehicle waiting for their employer to finish work, shopping, or even meetings with clients. While this is perfectly fine, the fact that many of these vehicles are illegally parked makes many other drivers incensed. If you drive in Hong Kong regularly, there is a good chance that you have parked illegally before, likely because you had no other option. In recent months the police have been cracking down on this, but did you know that illegal parking might have an impact on your car insurance?

Leading taxi insurance provider scrapped all policies - Analysis and insurance options (Updated 7/1) The leading taxi insurance provider in Hong Kong announced without preceding warning that it would scrap all policies after seven days. In other words, approximately 75% of the current taxi insurance policies will be terminated. If drivers affected by this change fail to find a suitable insurance company to take over their policies within this time, they may be prohibited from driving. Many drivers are puzzled and worried about losing their livelihood with their insurance being suddenly scrapped. Relevant sources estimated that more than 550,000 passengers and 25,000 taxi drivers may be affected every day. These drivers will lose a total of $44 million in business each day. In today's Kwiksure feature, our experts will analyze the ins and outs of this incident, study the dilemma faced by the taxi insurance business and feasible solutions. ---------------------------------------------------- (Updated 7/1) This morning, the Insurance Authority (IA) announced that it will take over the business and assets of Target Insurance, and will hold a press conference in the afternoon to elaborate. - Through regulatory work and market intelligence, the IA found that Target Insurance’s investment activities and fund allocation may have violated the requirements of the Insurance Ordinance. With the company's internal governance also lacking, the Authority exercised its rights on the grounds of public interest to appoint Deloitte’s Touche Tohmatsu as the manager to maintain the normal operations of Target Insurance. - Deloitte will review and assess the current asset status of Target Insurance to obtain a full picture of the company's future direction. - The solvency of Target Insurance has been poor. The IA has previously imposed additional regulatory requirements on the company, including additional statutory deposits and restrictions on the use and deployment of its assets. - The situation is a special case as four insurers need to process 8,000 policies in a short period of time. If the insurers fail to complete the policy issuance process before the policy cancellation deadline, they can make a 30-day mortgage arrangement, or postpone the submission of some documents, so that they can provide insurance coverage without fully issuing new policies. This is to avoid hindrance to the taxi industry. - Since Tuesday, the IA has taken the lead in coordinating, so that taxi owners do not need to inquire about the premium by themselves, so as to facilitate the transfer to insurers that still have capacity. - As of this morning, policies for approximately 7,894 taxis have been diverted to the four insurance companies. ----------------------------------------------------

A car accident occurred a few years ago in Lan Kwai Fong, Central, in which a vehicle rolled down a slope and injured eight passers-by. The female driver was later confirmed to be a foreign maid. She was accused of causing an accident by failing to tighten the handbrake while parking on an incline, and is now charged with causing death by dangerous driving. The incident has also raised the question: are foreign domestic helpers allowed to serve as drivers? If so, how do they qualify for the role? Today, our experts at Kwiksure will go over the related requirements and application process.

A rare car accident occurred in Kowloon Bay last week. A potential buyer met up with the car owner for a test drive. At first, the driving was nothing out of the ordinary. Then, the driver (i.e. buyer) suddenly lost control of the car when turning and crashed into road signs, railings, and five motorcycles parked on the side of the road. The vehicle turned over completely at the end. Fortunately, both the driver and the owner climbed out of the car uninjured. However, the total compensation for the five damaged motorcycles exceeded HK$100,000.