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By Bangyan Feng

This is often the 1st accomplished historical past of Hong Kong's coverage undefined, and argues its critical significance within the economic system. Typhoons, shipwrecks, fires, wars, political turbulence and unforeseen occasions of every kind supply a dramatic history to a desirable survey.

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22 (2) Major foreign firms continued to develop their insurance business via agencies. Although these foreign firms had established their own professional insurance arms, due to the lack of manpower and financial resources and considerations related to the trading environment, they still relied heavily on agents to vie for their share of insurance business in Hong Kong and on the Mainland. Even those insurance firms created by foreign firms were independent in name only and were operated by the firms that had invested in them.

Based on existing records, the first Chinese-controlled insurance firm was founded by a Shanghai trading firm with close ties to Jardine Matheson. Although that firm covered the 42 Enriching Lives Fig. 1 An illustrated promotional calendar by the Fook On Assurance & Godown Co. Ltd. The Establishment and Development of the Chinese-Owned Insurance Sector cargo shipments of Chinese firms and little else, it served to stir up some competition for the foreign insurers. Chinese-Founded Insurance Companies between the Late Nineteenth Century and the Dawn of the Chinese Republic The later years of the Qing Dynasty were an incubation period for Chinese-owned insurance companies.

Fig. 11 An advertisement for the Union Insurance Society of Canton, late nineteenth century. Management personnel changes notwithstanding, Union’s business was lifted by the rising tide of Hong Kong’s global trade. In 1868, Union installed Samuel Brown as head of its first-ever satellite office, in Shanghai. 25 million. Each of Union’s 250 shares was valued at as much as US$5,000, although shareholders bought in at US$1,000 per share. , and other big foreign firms in Hong Kong. The ascension of Nathaniel Ede to the top job as secretary of Union in 1871 had a farreaching impact on Union’s future development.

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