Finance – ASB drops mortgage rates further

February 12, 2025

Source: ASB

ASB has today announced decreases on some of its most popular mortgage terms, with market-leading rates across the major banks on 6-month, 1-year and 18-month terms from today. The 6-month term drops 10 basis points to 5.89%, the 1-year rate drops to 5.49% while the 18-month term falls 15 basis points to 5.19%.

ASB’s Executive General Manager Adam Boyd says today’s rate changes will be welcome news for home loan customers and those looking to refix or buy.

“We’ve lowered rates across several terms three times in the past month, giving our customers and prospective buyers a range of options – whether they’re after short-term relief or longer-term certainty. We already know how popular the short-term rates are, and we’ve seen growing interest in the 18-month term this year. Competition is fierce when it comes to interest rates, and we’re pleased to be offering lower mortgage rates for New Zealanders”, says Boyd.

In line with falling wholesale rates, ASB has also reduced some of its term deposit rates. “We know that an easing interest rate environment can mean different things for homeowners and for savers. We’ve got a range of options available to support our customers and we encourage them to reach out to us for tailored guidance and advice.”

All rate adjustments are effective immediately for new and current customers.

Fixed home lending term	Previous rate	New rate	Rate decrease
6-month	5.99%	5.89%	– 10 bps
1-year	5.54%	5.49%	– 5 bps
18-month	5.34%	5.19%	– 15 bps

MIL OSI

SH76 Brougham Street upgrades prioritised as a Road of Regional Significance

LiveNews Publisher

February 12, 2025

Source: New Zealand Government

The Government will prioritise delivery of upgrades to SH76 Brougham Street in Christchurch as a Road of Regional Significance, including an overbridge between Collins and Simeon Streets, Transport Minister Chris Bishop says.

“The Government is committed to delivering transport infrastructure that boosts economic growth and productivity, reduces congestion, and creates a safer and more reliable transport network for people, vehicles, and freight,” Mr Bishop says.

“Carrying over 45,000 vehicles per day, SH76 Brougham Street is a critical route servicing the commercial, industrial, and residential areas south of Christchurch. It is also the main freight route to the South Island’s largest port at Lyttleton.

“In May last year, the Government confirmed funding for the pre-implementation phase only for this project. This funding ensured a no-frills and value for money approach to design could be completed by the NZ Transport Agency (NZTA), and strategic property purchases and consenting work could continue in parallel.

“Cabinet has now confirmed funding will be provided by the Crown to NZTA to deliver this important Road of Regional Significance, with construction to begin by mid-2025, subject to statutory approvals. The overbridge is expected to be completed within two years, and wider improvements started once property and consenting requirements are completed.

“The intersection upgrades and other interventions along the corridor will improve efficiency and safety as well as making travel times more reliable.

“Once completed, the overbridge will enable local residents and school children to safely cross over the highway, rather than using the existing level crossing, as well as improving travel time reliability for freight going to and from the port.

“Prioritising the delivery of roading investment across New Zealand is part of our plan to boost economic growth, and I look forward to construction starting on the SH76 Brougham Street upgrades as soon as possible.

“Overall funding will be confirmed once a contractor has been appointed.”

Notes to Editor

Cabinet has confirmed funding will be provided by the Crown to the NZ Transport Agency to deliver the SH76 Brougham Street upgrades.
This funding will be a drawn down from the tagged contingency set aside in Budget 2024 to enable the NZ Transport Agency to bring forward priority projects that would otherwise be phased to begin from 2027 onwards.
Overall funding to deliver the SH76 Brougham Street upgrades will be confirmed publicly once a contractor is in place to deliver the project.

MIL OSI

Consultation opens on fisheries reforms

LiveNews Publisher

February 12, 2025

Source: New Zealand Government

Feedback is being sought on proposed changes to the Fisheries Act which Oceans and Fisheries Minister Shane Jones says are the most significant reforms in the sector for decades.
“The Coalition Government is committed to the success of the fishing industry, which generates around $1.6 billion in exports each year and employs 9000 people directly. The proposed changes, which I flagged in September last year, will remove unnecessary regulations that impede productivity and the potential of the sector. It is through changes in industries like this that New Zealand is going to fight its way back to economic prosperity,” Mr Jones says.
The proposals in the consultation document released today, set out options to strengthen, streamline, and add to the tools available to set sustainable catch limits, improve privacy protections for fishers on vessels with onboard cameras, and more effectively deal with fish discarded under the Quota Management System.
The proposals were developed following a seafood industry forum established last year.
“Sustainability will always be the bottom line for fisheries management, and there’s an opportunity to lift export revenue by improving productivity and efficiency, rather than catch volume,” Mr Jones says.
“These proposals make the most of improvements to data collection to drive an effective and efficient fisheries system, while continuing to ensure healthy sustainable fisheries.
“They recognise the need to cut red tape from decision-making processes and improve responsiveness, efficiency and certainty. They include a range of options that would be applied to set sustainable catch limits while accounting for the strength of information available, the characteristics of the fish stock, and environmental and socio-economic factors.”
The rollout of cameras has provided more and better-quality information about the fishery but consideration must be given to protecting the privacy of Kiwis going about their work at sea.
“This includes enhancing protections for on-board camera footage, amending the scope of where monitoring is not practical or necessary, and clarifying when cameras must be used,” Mr Jones says.
“Finally, the proposals set out ways the rules around discards can be made more practical and workable for fishers where there is monitoring by onboard cameras or fisheries observers.
“I encourage anyone with an interest to read through the proposals and provide feedback.”
The consultation document and other details, including how to make a submission, can be found on MPI’s website.
Submissions close at 5pm on 28 March 2025.

MIL OSI

Fisheries reform: proposed amendments to the Fisheries Act

LiveNews Publisher

February 12, 2025

Source: Ministry for Primary Industries

Have your say

Fisheries New Zealand wants your feedback on a package of proposals that will enhance value to fishers and better ensure sustainability. These proposed reforms will:

improve the responsiveness, efficiency, and certainty of decision-making
provide greater protection for on-board camera footage and ensure the on-board camera programme is workable
implement new rules for commercial fishers that set out when QMS (Quota Management System) fish must be landed and when they can be returned to the sea.

The consultation opened on 12 February and will close at 5pm on 28 March 2025.

Online public meetings

During the consultation period, we’ll be holding 3 public online meetings. At these sessions, we’ll give you a high-level presentation on the proposals and you’ll have a chance to ask questions.

Session 1 – Monday 24 February 2025
Session 2 – Monday 3 March 2025
Session 3 – Thursday 13 March 2025.

If you would like to attend one of the meetings, you must register.

We encourage you to read the consultation document before you attend.

Consultation document

Proposed amendments to the Fisheries Act 1996 [PDF, 2.4 MB]

Why we’re making these changes

The Government has made commitments to lift New Zealand’s productivity and economic growth – increasing opportunities and prosperity for all New Zealanders, including the seafood sector.

We now have access to better quality and more frequent data through electronic reporting by fishers and verification of some of this data by onboard cameras and fisheries observers.

The proposed changes respond to the Government’s goals and take advantage of new data and analytical tools to improve how we manage New Zealand’s fisheries.

Making your submission

We must get your feedback by 5pm on Friday 28 March 2025. We’d prefer you used our online survey form but you can also email or post a submission.

Online submission form – SurveyMonkey

Email

Email your submissions to fish.reform@mpi.govt.nz

Post

Post your written submission to:

Fisheries Policy Team
Policy and Trade Branch
Ministry for Primary Industries
PO Box 2526 Wellington 6140
New Zealand.

What to include in your email and postal submission

Make sure you tell us:

the title of the consultation document [‘Proposed amendments to the Fisheries Act 1996’]
your name and title
your organisation’s name (if you are submitting on behalf of an organisation, and whether your submission represents the whole organisation or a section of it)
your contact details (such as phone number, address, and email).

Submissions are public information

Note that all, part, or a summary of your submission may be published on this website. Most often this happens when we issue a document that reviews the submissions received.

People can also ask for copies of submissions under the Official Information Act 1982 (OIA). The OIA says we must make the content of submissions available unless we have good reason for withholding it. Those reasons are detailed in sections 6 and 9 of the OIA.

If you think there are grounds to withhold specific information from publication, make this clear in your submission or contact us. Reasons may include that it discloses commercially sensitive or personal information. However, any decision MPI makes to withhold details can be reviewed by the Ombudsman, who may direct us to release it.

Official Information Act 1982 – NZ Legislation

MIL OSI

Murder charge filed in Lake Hawea homicide

LiveNews Publisher

February 12, 2025

Source: New Zealand Police (National News)

Attributable to Otago Lakes Area Commander, Inspector Paula Enoka:

A man is appearing in court today charged with the murder of Karen White last year.

Ms White was killed in her Lake Hawea home on Friday 8 March, 2024.

Following a lengthy investigation, Police have now charged a 61-year-old man with murder, and he is due in Queenstown District Court today.

Police continue to support the family and friends of Ms White, and our condolences go out to them.

ENDS

Issued by the Police Media Centre

MIL OSI

Twelve months to re-negotiate contracts before income threshold policy takes effect

LiveNews Publisher

February 12, 2025

Source: New Zealand Government

Workplace Relations and Safety Minister Brooke van Velden says an income threshold for unjustified dismissal claims will apply to existing employment agreements after one year.

The income threshold was announced last year and will be introduced as part of upcoming changes to the Employment Relations Act. It delivers on the ACT-National coalition agreement commitment to set an income threshold above which personal grievances cannot be pursued.

“Cabinet agreed that the income threshold applies to existing employment agreements with a 12-month transition period and I can now announce further details. This means:

An employee is no longer on an existing employment agreement if they move to a new employer, or they shift to a new role within the same employer. However, if the employee shifts to a new role with the same employer as a result of a restructure, the transition period will still apply.
If an employee is dismissed before the threshold applies to them, the employee will be able to raise an unjustified dismissal grievance within the 90-day period. For example, if an employee on an existing employment agreement is dismissed 10 days before the end of the transitional period, they will be able to raise an unjustified dismissal claim after the end of the transition period, so long as it is within the 90-day period.

“The $180,000 threshold will apply to new employment agreements once the Bill is passed and will apply to existing employment agreements 12 months after the Bill is passed,” says Ms van Velden.

The transition period gives workers and employers time to amend employment agreements if they choose to. This includes the ability to opt back in to unjustified dismissal protection or negotiate their own dismissal procedures by agreeing to any changes and including them in their employment agreement.

“This policy will provide greater labour market flexibility, enabling businesses to ensure they have the best fit of skills and abilities for their organisation. It allows employers to give workers a go in high impact positions, without having to risk a costly and disruptive dismissal process if things don’t work out.”

“This policy will provide more flexibility and choice by allowing high income workers and employers to negotiate the terms and conditions related to dismissal that best suit their preferences and circumstances,” says Ms van Velden.

Editor notes:

MIL OSI

“Phoenix Go Glocal” Reaches the Middle East! Hit the 2025 World Government Summit

MIL OSI

February 12, 2025

Source: Media Outreach

DUBAI, UAE – Media OutReach Newswire – 11 February 2025 – The World Government Summit, known as “the world’s largest and most influential” intergovernmental forum, was held in Dubai, UAE, from 11 to 13 February. Themed as “Shaping Future Governments”, the Summit attracts about 6,000 participants, including more than 30 heads of state and government, over 80 heads of international organizations and 140 government delegations. The Summit has been held for 11 times since 2013. As the first and only Chinese-language media partner for the Summit, Phoenix TV Group’s international event brand “Phoenix Go Glocal”, regards it as a platform to immediately release and deeply interpret the policy dividend signals of the Middle East market, and interview high-end guests to help enterprises seize opportunities.

With the goal of becoming “premiere international communication platform for the enterprises going global” ,”Phoenix Go Glocal” was officially launched in December 2024. The first event was held in Indonesia, garnering significant attention from ASEAN governments, institutions, and enterprises venturing overseas. At the beginning of 2025, “Phoenix Go Glocal” made its first stop deep in the Middle East, another nodes of the “Belt and Road”, highlighting Phoenix TV’s capability of integrating cross-regional resources and localised operations. Through exclusive interview, corporate site visit, in-depth content planning, resource matching, and an integrated media communication chain, Phoenix TV will assist Chinese companies in expanding abroad, and support international companies to come to China simultaneously.

This year’s World Government Summit features 21 sub-forums and more than 300 guests have been engaging in in-depth dialogues on key issues such as artificial intelligence(AI), climate change, future finance and global health through more than 200 interactive sessions. In addition, more than 30 ministerial meetings and roundtables will be held, bringing together more than 400 ministers from countries and regions across the globe.

Distinguished guests include Prabhavoor Subianto, President of Indonesia, Anjail Duda, President of Poland, Ahmed Abdullah, Prime Minister of Kuwait, Shahbaz Sharif, Prime Minister of Pakistan, as well as Kristalina Georgieva, Managing Director of International Monetary Fund (IMF), Rafael Grossi, Director General of International Atomic Energy Agency (IAEA), and Audrey Azoulay, Director General of UNESCO.

In addition, industry leaders from key sectors such as AI, energy, transport, medicine will also participate in the conference, including Elon Musk, co-founder and CEO of Tesla, Sundar Pichai, CEO of Google, Joseph Tsai, Chairman of Alibaba Group, Robin Li, Founder, Chairman and CEO of Baidu, Larry Ellison, Chairman and CTO of Oracle, and Pascale Soriot, CEO of AstraZeneca.

At present, the UAE government is planning to invest hundreds of billions of US dollars to accelerate the development of artificial intelligence, green economy and other areas, while Chinese enterprises have significant technological advantages in digital infrastructure, new energy, smart cities and other areas, so there is plenty of room for bilateral cooperation. The integration of China’s solutions with local needs could be demonstrated through in-depth interviews between Phoenix’s reporting team and entrepreneurs from Mainland China and Hong Kong in the relevant fields.

At this year’s Summit, Phoenix’s reporting team interviews senior government officials exclusively, including Omar Sultan Alama, UAE’s Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, focusing on the Middle East’s policy direction and technological co-operation opportunities, and providing policy windsocks for enterprises to go overseas; Conducts dialogues with global political and business leaders, decoding the trends of the international market, and helping enterprises accurately connect with resources.

As the largest all-media Chinese language media group in the world, Phoenix TV has been broadcasting Chinese culture and promoting international exchanges. With the advantages of global layout, global coverage and global spread, and featuring 63 reporter stations worldwide with media transmission matrix of “TV station, internet portals, mobile applications, outdoor LED screens, advanced digital application systems, and a weekly publication”, Phoenix TV offers multi-format news products in Chinese, English and Cantonese, covering 500 million viewers.

Hashtag: #PhoenixTV

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Legendary US Rock Band Green Day Kick Off Asian Tour at Galaxy Arena, Making Their First Performance in China After a 15-Year Hiatus and Igniting an Unforgettable Night of Rock’n Roll

MIL OSI

February 12, 2025

Source: Media Outreach

MACAU SAR – Media OutReach Newswire – 11 February 2025 – One of the world’s most influential rock bands, Green Day officially launched their Asian tour on February 9 at Macau’s largest indoor entertainment venue, Galaxy Arena. Amid crashing waves of sound and thunderous applause, Green Day opened the night with their explosive track The American Dream Is Killing Me, sparking an electrifying atmosphere and igniting the fervor of around 10,000 rock fans in attendance. After a hiatus of 15 years, Green Day’s first performance in China thrilled fans from Hong Kong, Macau, and the entire Asia-Pacific region as music lovers gathered to pay tribute to the spirit of rock.

One of the world’s most influential rock bands, Green Day officially launched their Asian tour on February 9 at Galaxy Arena.

Green Day, which consists of lead vocalist/guitarist Billie Joe Armstrong, bassist Mike Dirnt, and drummer Tré Cool, are celebrating the 30th anniversary of their classic album Dookie and the 20th anniversary of the iconic American Idiot, and the band enthusiastically performed a selection of tracks from both of these landmark albums, along with songs from Insomniac (1995), Nimrod (1997), Warning (2000), 21st Century Breakdown (2009), and their latest album, Saviors (2024), taking fans on a nostalgic musical journey of epic proportions.

The lead vocalist/guitarist Billie Joe’s unmistakable vocals reverberated throughout the arena.

One of the most special points of the night came early on, during the band’s performance of their 1994 hit Basket Case, when the entire audience sang along in unison, creating a powerful collective moment that those present will never forget. Similarly, as Green Day launched into American Idiot, with its tight guitar riffs and pounding drums, the fans bobbed and waved in sync with the rhythm, transforming the venue into a pulsating sea of movement and euphoria as Billie Joe’s unmistakable vocals reverberated throughout the arena. The rendition of Boulevard of Broken Dreams was particularly moving, the bittersweet anthem’s soaring melody and poignant lyrics clearly striking a chord with the mesmerized crowd. The band also delighted fans with other tracks from American Idiot, including Wake Me Up When September Ends, the emotionally charged Holiday. During this musical feast, Green Day passionately performed nearly thirty classic songs, highlighting the power of music as not just entertainment, but as a profound reflection on today’s world.

Green Day captivated fans with their passion and talent, allowing everyone to experience the authenticity and power of music.

As well as being a globally renowned punk rock band, Green Day is also one of the best-selling music acts in history, with approximately 75 million albums sold worldwide and over 10 billion streams on various digital platforms—a testament to their extraordinary influence. The band has also received 23 Grammy nominations and won five Grammy Awards, as well as multiple Billboard Music Awards, American Music Awards, and Brit Awards. Green Day were inducted into the Rock and Roll Hall of Fame in 2015, underlining their status as one of the most important bands in the history of music.

The Macau show marked Green Day’s first stop in the Asia-Pacific region on The Saviors Tour, and the event thrilled local music lovers and visiting fans from neighboring regions alike.

The Macau show marked Green Day’s first stop in the Asia-Pacific region on The Saviors Tour, and the event thrilled local music lovers and visiting fans from neighboring regions alike. For Green Day, every aspect of the performance, from the setlist to the venue choice, represented their uncompromising pursuit and expression of their authentic musical essence. The state-of-the-art sound system and unobstructed sightlines of Galaxy Arena provided the audience with an unparalleled 360-degree audiovisual experience, while the venue’s high-definition technology amplified the intensity of the show, ensuring every corner of the arena was filled with the band’s electrifying performance.

The Galaxy Arena, as a premier performance venue, offered exceptional support for the entire event through its state-of-the-art stage design and cutting-edge technological capabilities.

Music critics noted that Green Day’s performance at Galaxy Arena signified a pivotal moment for the resurgence of rock music in Asia, marking a rare and extraordinary occasion. The opening show in Macau was not just a musical celebration, but a tribute to the spirit of rock, adding another brilliant chapter to Macau’s development as a “City of Performing Arts” and a “City of Mega Events”.

Hashtag: #GalaxyMacau

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

HKT partners with Microsoft Hong Kong to launch next-gen Teams Phone solution

MIL OSI

February 11, 2025

Source: Media Outreach

First local telecom carrier in Hong Kong to provide Microsoft Operator Connect¹

HONG KONG SAR – Media OutReach Newswire – 11 February 2025 – HKT has partnered with Microsoft Hong Kong to provide Operator Connect, making it the first local telecom carrier to offer the new Microsoft Teams Phone solution for enterprises in Hong Kong.

Operator Connect revolutionises business communications by seamlessly integrating existing business phone lines with Microsoft Teams through an operator-managed service. This solution enables enterprises to benefit from professional technical support and quality assurance while enabling Teams for calls, without the need for extensive changes or new hardware, resulting in a cost-effective, streamlined transition.

By utilising its self-managed network, HKT has also introduced HKT Operator Connect Plus, an advanced version of Microsoft Operator Connect powered by Artificial Intelligence (AI). Leveraging its expertise in solution design and system integration, HKT Operator Connect Plus offers monitoring of call quality, automatically alerting users of any potential issues² and tracking down to the root causes of the fluctuations during voice calls.

Steve Ng, Managing Director of Commercial Group, HKT, said, “HKT has a long-standing history of providing reliable voice services to thousands of enterprises in Hong Kong. We understand the need for a future-proof, enterprise-grade communications platform in the evolving digital landscape. HKT Operator Connect Plus, powered by AI, assists enterprises in swiftly identifying and resolving cloud voice issues. Committed to enabling corporates in their digital transformation journey, we will continue to leverage the latest technologies, including AI and automation, to deliver advanced Unified Communication-as-a-Service (UCaaS) that caters to enterprises’ evolving needs.”

“We are thrilled to see the launch of Operator Connect in Hong Kong, marking a significant milestone in our collaboration with HKT,” said Cally Chan, General Manager of Microsoft Hong Kong and Macau. “By combining Microsoft’s industry-leading technology with HKT’s carrier-grade capabilities and local expertise, Operator Connect becomes a future-proven solution that provides customers with a comprehensive, reliable and AI-powered communications solution that will drive productivity and digital transformation for businesses of all sizes.”

Comprehensive end-to-end support is available to enterprises, covering Microsoft licence, technical integration and operator-managed service. Additionally, a dedicated technical support hotline provides professional advice on preventative measures and troubleshooting, ensuring reliable communication for local and regional businesses. HKT addresses various migration challenges and operational requirements, ensuring seamless implementation of HKT Operator Connect Plus with the Teams Phone system.
_____________
¹ Information source: https://cloudpartners.transform.microsoft.com/partner-gtm/operators/directory
² This is a value-added service, and users need to apply for it separately.

Hashtag: #HKT

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Rising Costs and Coverage Gaps: The Diverging Medical Insurance Landscapes in Hong Kong and Singapore

MIL OSI

February 11, 2025

Source: Media Outreach

As Hong Kong witnesses a burgeoning interest in health insurance, Singapore grapples with the challenges of rising medical costs and financial risk management.

Budget Priorities: Respondents in both regions allocate significant portions of their budgets to Family, Finance, and Health. Notably, there is a strong intent to increase health budgets in 2025, particularly among the middle-income segment, with 31% in Singapore and 26% in Hong Kong planning for such increases.
Insurance Coverage Gaps: While a majority of respondents in both markets benefit from medical insurance, Singaporeans exhibit higher levels of protection, with 49% having personal plans and only 10% uninsured, compared to 19% uninsured in Hong Kong.
HNWIs Driving Demand: A substantial percentage of HNWIs in Hong Kong plan to purchase new medical insurance in 2025 (48%), contrasting with a smaller proportion in Singapore due to existing extensive coverage (30%).
Motivations and Barriers: Hong Kong respondents are driven to purchase insurance to address coverage gaps (44%) and rising medical expenses (36%), while Singaporeans focus on mitigating financial risks (43%). High costs remain the top deterrent in both markets, affecting 62% in Hong Kong and 52% in Singapore.

HONG KONG SAR – Media OutReach Newswire – 11 February 2025 – A recent survey by MDRi, which engaged 1,000 respondents across Hong Kong and Singapore, has unveiled a diverse array of health and medical insurance needs as the Year of the Snake approaches. The findings highlight the contrasting priorities of individuals in these two markets, revealing distinct trends in their insurance requirements.

Health has emerged as the paramount life priority for residents of both Hong Kong and Singapore. With a growing aging population in both markets, this shared emphasis on health underscores significant growth opportunities within the healthcare industry.

Middle-Income Segment Intends to Increase Health Budgets in 2025

In examining budget allocations for 2024, respondents from Hong Kong prioritized Family (23%), Finance (22%), and Health (15%). Singaporeans similarly allocated their budgets, with Family (22%), Finance (20%), and Health (16%) as top priorities.

Notably, 21% of Hong Kong respondents plan to increase their health budgets in 2025, particularly among the middle-income segment, where 26% intend to allocate more. In Singapore, 23% of respondents plan to boost their health budgets, with a striking 31% among the middle-income group.

Significant Differences in Medical Insurance Coverage

While the majority of individuals in both Hong Kong (81%) and Singapore (90%) have medical insurance coverage, notable differences arise in personal coverage. In Singapore, approximately 49% possess personal medical insurance, with 36% opting for additional coverage beyond company plans. In contrast, only 15% of Hong Kong respondents rely solely on company medical insurance without personal coverage, and about 19% of individuals in Hong Kong lack any medical insurance, compared to just 10% in Singapore. This disparity highlights Singapore’s population having better protection levels in terms of medical insurance relative to Hong Kong.

HNWIs and Future Insurance Plans

Looking ahead to 2025, 30% of individuals in Hong Kong are projected to acquire new medical insurance, with a significant 48% of HNWIs planning to purchase new policies. Conversely, only 24% of Singaporeans intend to secure additional coverage, reflecting their already extensive insurance ownership.

Motivations and Deterrents in Medical Insurance Decision-Making

In Hong Kong, motivations for purchasing new medical insurance are driven by the need to address coverage inadequacies (44%), rising medical expenses (36%), and reducing future financial risks (36%). In Singapore, the focus shifts toward mitigating financial risks (43%), exploring diverse coverage options (39%), and managing escalating medical costs (37%).

For those without insurance, high costs remain the primary deterrent, with 62% in Hong Kong and 52% in Singapore citing expense as a key barrier.

Growth Opportunities in Medical Insurance

Hong Kong presents substantial growth opportunities for insurance companies, particularly as many individuals remain uninsured. By positioning medical insurance as an affordable solution against rising medical costs, insurers can tap into this potential. Surprisingly, despite lower coverage rates, HNWIs in Hong Kong are actively considering new insurance purchases in 2025. In contrast, while the Singaporean market shows lower demand due to widespread coverage, there remains an opportunity to attract individuals by emphasizing the reduction of future financial risks and exploring low-cost solutions for those without medical insurance.

Simon Tye, CEO of MDRi, emphasizes the importance of these trends: “Insurance firms must recognize the distinct landscapes of Hong Kong and Singapore. In Hong Kong, the opportunity lies in catering to an eager market looking for new insurance options. Meanwhile, Singapore’s focus should be on providing diverse coverage solutions that effectively mitigate financial risks and address the concerns of rising medical expenses.”

Notes to editors:

The press release result is based on a survey conducted by MDRi during 31^st December 2024 – 6^th January 2025, measuring the sentiment and happiness level of both markets of Hong Kong and Singapore towards the year 2025, including ownership of medical insurance.
The survey engaged a total of 1,000 participants, with an equal sample size of 500 individuals from each market, to ensure a balanced representation of the demographic distribution within the respective territories.

For further information, interviews, or comments, please contact info@mdr-i.com.

Hashtag: #MDRi

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

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LiveNews.co.nz

Finance – ASB drops mortgage rates further

SH76 Brougham Street upgrades prioritised as a Road of Regional Significance

Consultation opens on fisheries reforms

Fisheries reform: proposed amendments to the Fisheries Act

Have your say

Online public meetings

Consultation document

Related document: supplementary information

Why we’re making these changes

Making your submission

Email

Post

What to include in your email and postal submission

Submissions are public information

Murder charge filed in Lake Hawea homicide

Twelve months to re-negotiate contracts before income threshold policy takes effect

“Phoenix Go Glocal” Reaches the Middle East! Hit the 2025 World Government Summit

Legendary US Rock Band Green Day Kick Off Asian Tour at Galaxy Arena, Making Their First Performance in China After a 15-Year Hiatus and Igniting an Unforgettable Night of Rock’n Roll

HKT partners with Microsoft Hong Kong to launch next-gen Teams Phone solution

Rising Costs and Coverage Gaps: The Diverging Medical Insurance Landscapes in Hong Kong and Singapore

As Hong Kong witnesses a burgeoning interest in health insurance, Singapore grapples with the challenges of rising medical costs and financial risk management.