, Hong Kong

Hong Kong IA reveals insurance complaints dropped by 9% in 2021

The IA also said its handling of complaints also improved.

Insurance related complaints dropped by 9% in 2021 compared to 2020, according to the Hong Kong Insurance Authority.

The regulator also saw its completion rate for handling complaints in 2021 improved by 22.7% compared to the previous year. The IA said its efficiency may be partly due to improvements in their complaints handling processes.

“These improvements aim to better focus the process on examining the merits of a complaint in a fair, objective and timely manner, with the twin aims of ensuring policyholders are protected and reinforcing high standards of conduct across the insurance market,” the IA said.

Statistics by IA revealed that the most complaints they have received throughout 2021 was in the category of conduct at 28%, which refers to complaints arising from the process in which insurance is sold, the handling of client’s premiums or monies, cross-border selling, unlicensed selling, allegations of fraud, allegations of forgery of insurance related documents, commission rebates and “twisting” (i.e. insurance agents inducing their clients to replace their existing policies with those issued by another insurer by misrepresentation, fraudulent or unethical means). 

This is followed by complaints on Business or Operations (21%), claims (18%), representation of information (16%), services (15%), and insurance intermediary (1%).

You may also like:

Hong Kong insurance regulator warns public against phishing scams

India’s $8b IPO plans could go under review amidst Russian-Ukraine crisis

ICA urges Australian governments to double Federal funding to AU$200m a year

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

APAC emerges as leader in renewables insurance
RE is projected to account for 45% of global electricity generation by 2030.
Insurance
IFRC-DREF triggers insurance payout after disaster relief demands exceed threshold
The policy provides up to $16.92m in coverage.The International Federation of Red Cross and Red Crescent Societies' Disaster Response Emergency Fund (IFRC-DREF) has triggered its first-ever insurance payout after disaster relief demands exceeded its deductible threshold. 
Insurance