By Bangyan Feng
This is often the 1st entire heritage of Hong Kong's coverage undefined, and argues its important value within the economic climate. Typhoons, shipwrecks, fires, wars, political turbulence and unforeseen occasions of all types supply a dramatic heritage to a desirable survey.
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Extra info for Enriching Lives: A History of Insurance in Hong Kong, 1841-2010
Finally, the branches in Singapore and Shanghai shut down permanently, in 1948 and 1952 respectively. Nonetheless, operations in the Hong Kong head office continued to grow steadily and branched out to property investment. The 1968 completion of a new headquarters building in Central laid down a milestone in the development and diversification of Sincere Insurance. At first, Sincere Life had a hard time cracking the market because most Chinese were strangers to the concept of insurance. However, once Sincere switched gear and promoted life products as a tool to accumulate wealth, this appealed to the savings- The Establishment and Development of the Chinese-Owned Insurance Sector 51 52 Enriching Lives Fig.
A significant presence of foreign firms in the colony already contributed to economic prosperity. 8% of the Mainland’s total imports, and only 14% of the Mainland’s exports went to Hong Kong. 6% respectively. During Qing Dynasty’s waning years, transactions in Hong Kong accounted for at least 30% of China’s international trade. As more and more Americans and Europeans traded in China, the demand for insurance services grew apace. Foreign insurers and their agents flocked to the free-trade ports in pursuit of new business opportunities.
Union rang in the twentieth century with a flurry of acquisitions. , a Union founding stakeholder. Union also bought out the China Traders’ Insurance Co. in 1906, the China Fire Insurance Co. in 1916, and the Yangtze Insurance Association in 1925. Hong Kong’s Insurance Industry in the Latter Half of the Nineteenth Century In its early colonial years, Hong Kong’s economic development was at once overshadowed by the opening up of five treaty ports in the Mainland. Although at the time Hong Kong 23 24 Enriching Lives Fig.