Special Notice About Hang Seng Bank’s Bancassurance Partnership

Overview

A insurance partnership between Hang Seng Bank Limited ("Hang Seng Bank") and Chubb Insurance Hong Kong Limited (“Chubb”) has come into effect on 10 July 2023. 

Starting from 10 July 2023, Chubb’s general insurance products are available for sale through Hang Seng Bank. You can visit the Hang Seng Bank website to get more information. For enquiries, you can also contact us at (852) 2822 0228 or contact Chubb at (852) 3191 6668 during service hours.

Existing QBE general insurance policy issued before 9 July 2023

Offers for Selected Customer3: If you hold any QBE General Insurance (Hong Kong) Limited (“QBE”) policy expiring on or after 9 July 2023, you can enjoy offers for selected customer by successfully apply for Chubb’s designated general insurance products with login to Hang Seng Personal e-Banking. For details of Chubb’s general insurance products and offers, you can contact Chubb Customer Service Hotline at (852) 3191 6668 during service hours.

Designated General Insurance Product
Offers for Selected Customer3
Travel Protection Plan (Annual Global Cover)
30% first-year premium discount and HKD300 designated e-gift voucher
Travel Protection Plan (Annual China Cover)
20% first-year premium discount and HKD150 designated e-gift voucher
Home Care Plus Home Insurance Plan
20% first-year premium discount and HKD500 designated e-gift voucher
Domestic Helper Insurance Plan
15% first-year premium discount and HKD50 designated e-gift voucher
Personal Accident Insurance Plan
Up to 15% first-year premium discount and HKD300 designated e-gift voucher

If you hold any QBE general insurance policy expiring on or after 9 July 2023, please note that:

  • the insurance coverage will not be automatically renewed^
  • relevant policy details are no longer available on Hang Seng Personal e-Banking for enquiry starting from 10 July 2023
  • auto-renewal and direct debit authorization instruction (if applicable) related to the relevant policy have been terminated

You can review your insurance coverage before the expiration of the policy to make sure that you have a timely replacement.

^You can apply for Chubb’s general insurance products with login to Hang Seng Personal e-Banking to enjoy insurance coverage.

Claims and policy administration services for your existing in-force policy will continue to be provided by QBE until the policy expiry date. You can contact QBE through the QBE Customer Service Hotline at (852) 2828 3138 during service hours for relevant enquiry.

FAQs

General insurance partnership

Hang Seng Bank Limited (“Hang Seng”) was a licensed insurance agent of QBE General Insurance (Hong Kong) Limited (“QBE”) for the distribution of general insurance policies. The insurance partnership between Hang Seng and QBE has ended on 9 July 2023. On 22 March 2023, Hang Seng entered into a 15-year exclusive general insurance distribution partnership in Hong Kong with Chubb Insurance Hong Kong Limited (“Chubb”). Distribution of Chubb’s general insurance products through Hang Seng took effect from 10 July 2023. Distribution of medical insurance products and commercial trade credit insurance products are not within the scope of the partnership.

Chubb is a global insurer and reinsurer, serving clients in multiple countries and regions around the world.

Hang Seng chose to establish partnership with Chubb in consideration of its financial strength, product and service offerings which enable Hang Seng to provide customers with quality products and services.

QBE General insurance policies

Not applicable to Personal Accident Plan and Hospital Income Plan with no-claims cash refund benefit

Your QBE policy will not be renewed on or after 10 July 2023. Any policy with policy period ending before 9 July 2023 can be renewed by QBE for another policy year.

The following types of general insurance products underwritten by QBE are affected:

  • Travel Insurance
  • Personal Accident Insurance
  • Home Content Insurance
  • Domestic Helper Insurance
  • Private Car Insurance
  • Fire Insurance

For QBE general insurance products (non-medical insurance products) purchased by you through Hang Seng before the effective date of the new partnership (i.e. 10 July 2023), your insurance coverage under such policy will not be affected. Your policy will continue to be underwritten by QBE with policy and claims services provided.

If there is no separate client instruction, QBE policies expiring before 9 July 2023 will be renewed automatically.
QBE policies expiring on or after 9 July 2023 will not be renewed by QBE. Customers will receive relevant notice around 1 to 2 months before the policy expiry date for arrangement.

If the policy period end date will be on or after 9 July 2023, such QBE policy will not be renewed by QBE. Please be aware that no QBE policy renewal can be arranged starting from 10 July 2023.

If you have a QBE policy with policy period ending on or after 9 July 2023, you can contact QBE Customer Service Hotline at (852) 2828 3138 during service hours to understand more about your current QBE policy and review your insurance coverage to make sure that you have a timely replacement.

If you have a QBE policy with the policy period ending on or after 9 July 2023, the insurance coverage relevant to your policy will end after the policy expiry date, and auto-renewal and direct debit authorization instruction (if applicable) related to the relevant policy will be terminated.

Yes. Your QBE policy with the policy expiry date before 9 July 2023 can be renewed by QBE.

Your QBE policy cannot be renewed on or after 10 July 2023 by QBE. The insurance coverage relevant to your policy will end after the policy expiry date. You can contact QBE through the QBE Customer Service Hotline at (852) 2828 3138 during service hours for relevant enquiry.

For the QBE single travel insurance policy purchased by you through Hang Seng before the effectiveness of the new insurance partnership, your insurance coverage relevant to your policy under such policy will not be affected. Your policy will continue to be underwritten by QBE, with policy and claims services provided.

QBE General insurance policies

Applicable to Personal Accident Plan and Hospital Income Plan with no-claims cash refund benefit only

If your QBE personal accident and/or hospital income plan(s) has no-claims cash refund benefit, your policy can continue to be renewed by QBE. You can confirm with QBE Customer Service Hotline at (852) 2828 3138 during service hours.

Customers will receive relevant notice around 1 to 2 months before the policy expiry date for arrangement. You can contact QBE through the QBE Customer Service Hotline at (852) 2828 3138 during service hours for relevant enquiry.

Fire insurance arrangement of Hang Seng mortgaged property

Existing Hang Seng Mortgage Loan Accounts

Your QBE policies expiring on or after 9 July 2023 will not be renewed by QBE. While QBE policies expiring before 9 July 2023 can be renewed by QBE for another policy year. 

Your QBE policy’s coverage will continue to be effective until its expiry date. You will receive relevant notice from Hang Seng around 1 to 2 months before the policy expiry date for further arrangement. On the occasion, you may self-arrange the policy with any authorised insurer in Hong Kong which is acceptable to Hang Seng[1] and send us the originals of the policy and the premium payment receipt to our Mortgage Services department at Hang Seng Bank Limited, 17/F Hang Seng 113, 113 Argyle Street, Mongkok, Hong Kong, for validation at least 14 days before the expiry of your existing policy. 

If Hang Seng does not receive an acceptable fire insurance policy from you 14 days prior the expiry of the your existing QBE policy, you shall be deemed to have failed to take out the required insurance policy for the mortgaged property and Hang Seng shall take out the required insurance in respect of the property on behalf of the mortgagor / chargor with Chubb[2] without further notice.

You may continue to arrange the required policy for the mortgaged property with any insurer in Hong Kong which is acceptable by Hang Seng[1]. You will receive relevant notice for the fire insurance arrangement around 1 to 2 months before expiry of the existing policy. If Hang Seng does not receive the required policy that is accepted by Hang Seng from you 14 days before the expiry of the existing policy, Hang Seng shall take out the required insurance with Chubb[2] in respect of the mortgaged property on behalf of the mortgagor / chargor without further notice. 

New Hang Seng Mortgage Loan Accounts

If the legal charge date of your mortgaged property is on or before 9 Jul 2023, its fire insurance will continue to be arranged with QBE; if the legal charge date of your mortgaged property is after 9 Jul 2023, its fire insurance will be arranged with
Chubb[2]. Please review your fire insurance arrangement and you may choose to arrange your fire insurance with any authorised insurer in Hong Kong which is acceptable to
Hang Seng[1].

If Hang Seng does not receive the required policy that is accepted by Hang Seng from you 14 days before the legal charge date of the mortgaged property, you shall be deemed to have failed to take out the required insurance policy and Hang Seng shall take out the required insurance[2] with Chubb[2] in respect of the mortgaged property on behalf of the mortgagor / chargor without further notice. Please refer to the relevant terms and conditions under the relevant Letter of Offer / Facility Letter for the fire insurance requirements. 

General insurance products by Chubb

Customers will receive relevant notice around 1 to 2 months before the policy expiry date for arrangement. Cancelling insurance policies now will affect your insurance coverage. Please consider carefully.

Starting from 10 July 2023, Chubb’s designated general insurance products are available to be sold through Hang Seng’s designated application channels such as digital channels.

Other

Customers will receive relevant notice around 1 to 2 months before the policy expiry date for arrangement.

Yes. If you have any questions about your existing QBE policies, you can contact QBE Customer Service Hotline at (852) 2828 3138 during service hours.

You can contact QBE through the QBE Customer Service Hotline at (852) 2828 3138 during service hours for relevant enquiry.

Claims and policy administration services for your existing in-force QBE policy will continue to be provided by QBE until the policy expiry date.

You can contact QBE through the QBE Customer Service Hotline at (852) 2828 3138 during service hours for relevant enquiry and reviewing your insurance coverage to make sure that you have a timely replacement.

Relevant QBE policy details are no longer available on Hang Seng Personal e-Banking for enquiry starting from 10 July 2023.

Yes. You can continue to pay the premium for your existing in-force QBE policy through your bank account in Hang Seng until the policy expiry date.

No. From 10 July 2023 onwards, for existing in-force QBE policy change request, you can contact QBE through the QBE Customer Service Hotline at (852) 2828 3138 during service hours for relevant enquiry.

No. But you can contact QBE through the QBE Customer Service Hotline at (852) 2828 3138 during service hours for relevant enquiry. 

Call us

Hang Seng Bank Customer Service Hotline

(852) 2822 0228

Service hours:

Mon-Fri: 09:00 - 18:00

Sat: 09:00 - 13:00

Closed on Sunday and Public Holidays

QBE Customer Service Hotline

(852) 2828 3138

Service hours:

Mon-Fri: 09:00 - 17:30

Closed on Saturday, Sunday and Public Holidays

Chubb Customer Service Hotline

(852) 3191 6668

Service hours:

Mon-Fri: 09:00 -17:30

Closed on Saturday, Sunday and Public Holidays

Footnote

Remark(s)

  1. The chosen insurance company must be an insurance company approved by Hang Seng or any other insurance company authorized by the Insurance Authority of the Hong Kong SAR (or the equivalent regulator in Hong Kong) to carry on insurance business in Hong Kong which has complied with regulatory requirements (or such other criteria as specified by Hang Seng from time to time).
    For the list of register of authorized insurers by Insurance Authority of the Hong Kong SAR, please visit the Insurance Authority website:
    https://www.ia.org.hk/en/supervision/reg_insurers_lloyd/register_of_authorized_insurers.html
  2. The required fire insurance policy ("this Plan") is underwritten by Chubb Insurance Hong Kong Limited (“Chubb”) which is authorised and regulated in Hong Kong SAR by the Insurance Authority. Chubb reserves the right of final approval of the policy issuance. Hang Seng Bank Limited ("Hang Seng Bank") is registered as an insurance agency by the Insurance Authority (License No.: FA3168) and authorised by Chubb for distribution of this Plan. This Plan is a product of Chubb and not Hang Seng Bank. Upon application to this Plan, insurance premium will be payable to Chubb, and Chubb will provide Hang Seng Bank with commission and performance bonus as remuneration for distribution of this Plan. The existing staff remuneration policy on sales offered by Hang Seng Bank takes into account various aspects of the staff performance instead of focusing solely on the sales amount.
    In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Hang Seng Bank and the customer out of the selling process or processing of the related transaction, Hang Seng Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however, any  dispute over the contractual terms of the insurance product, underwriting, claims and policy service should be resolved directly between Chubb and the customer.
  3. Terms and conditions apply to promotion offer and insurance plan. Please note the relevant product risks. The general insurance plan is underwritten by Chubb.