HK digital insurer plans premium increase

Virtual insurer Bowtie announced an increase in premiums this year due to Hong Kong’s medical inflation, which typically ranges from 8 to 10 percent. Co-founder and co-chief executive Michael Chan Kwan-yu noted that the increase would be below the inflation rate, citing varying capabilities among companies to control these costs. Additionally, co-founder and co-chief executive Fred Ngan Yiu-fai highlighted that Bowtie aims to balance income and expenses within two years and will continue to invest aggressively. Following a successful HKD272m (USD34.83m) Series B2 funding round in September, which led global insurtech investments for the third quarter of 2023, Bowtie may not seek new financing this year.