Hong Kong Insurance, HK Insurance, Insurance In Hong Kong

Hong Kong Insurance, HK Insurance, Insurance In Hong Kong

For both insurers and policyholders, Hong Kong offers an excellent insurance environment.  In fact, insurance coupled with financial services are among the most sophisticated markets in this country.  Hong Kong is currently a leader in the Asian insurance center, which has been a huge draw to some of the most reputable insurance companies in the world.  For people needing to buy insurance, this means the opportunities are vast for coverage sold through the best companies in existence.

While the numbers continue to grow, statistics show that in Hong Kong, 181 authorized insurers are available, which is broken down by 117 as general insurers, 45 being long-term insurers, and the rest consisting of composite insurers.  Ever since the Asia financial crisis in the 1990s, Hong Kong offers a more liberal regional insurance market.  With this, new insurance companies have become established and existing insurance companies have been able to expand, giving consumers a magnificent opportunity when it comes to securing the right coverage.

When it comes to buying insurance in Hong Kong if you plan to travel there and stay temporarily, both medical care and insurance coverage is actually considered among the best in the world. For healthcare, most companies provide employees of both medical centers locally and worldwide with exceptional care and coverage. However, if you want to visit this exotic place, purchasing expat insurance in Hong Kong is highly recommended. The purpose of purchasing insurance in Hong Kong specific to travel is to provide you with protection in case you were to become sick or injured while there. Even if you have outstanding insurance coverage in the country and state where you live, when in a foreign country, it would not apply. For this reason, you need a separate and temporary policy to ensure in certain situations you are provided with the best medical care possible. Just as you would do when shopping for insurance at home, you need to get quotes from a number of companies when looking for insurance in Hong Kong. Although each insurance company offers something slightly different, most have a list of common scenarios in which the insurance would go into effect. In addition to being provided with quality healthcare, this type of insurance is also designed to provide protection for things you take on the trip that might be stolen, damaged, or lost. The primary areas in which insurance in Hong Kong for travel would cover include the following: 

• Electronics (computer, iPod, iPad, mobile phone, etc) 

• Injury and sudden illness 

• Emergency services 24-hours a day 

• Lost, stolen, or damaged personal items such as documents, jewelry, suitcases, clothing, and so on 

• Cancellations for hotels, flights, car rentals, transportation, and other such items if you were to become ill or injured 

• Strive if you had to return home early 

• Potentially dangerous activities such as sky diving, scuba diving, skiing, etc 

• Any incurred legal expenses 

• Protection financially if a company you use while on the trip were to go bankrupt 

If you purchase insurance in Hong Kong and find that you need to file a claim, most companies that provide this type of coverage are trying to make money. Therefore, even the most reputable insurance companies will require proof in the form of documents and receipts, they will ask numerous questions, and spend time investigating the claim. For this reason, getting the claim settled and being reimbursed any money can take quite some time. On the other hand, doing without insurance in Hong Kong while traveling could put you in a situation of needing to pay for everything out-of-pocket, which could be financially devastating. It is also important to know that while many things would be covered, each type of insurance policy for travel would also have exclusions. Therefore, before you choose to lock into one policy, it would be important to learn all the details so you can compare different possibilities. That way, you end up with great coverage and excellent customer support.