ARTE Generali rolls out suite of solutions to meet Hong Kong’s growing need for personalised art insurance
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In the dynamic world of fine art, the need for comprehensive protection is growing both in Hong Kong and globally. The art insurance market itself is experiencing significant growth, having grown between 3% and 7% annually from 2012 to 2022. This expansion is being driven by the increasing value of artworks paired with the rising number of art collectors and investors worldwide.
As Hong Kong continues to reinforce its status as Asia's premier art marketplace, with rising imports and exports, new cultural initiatives, and the highly anticipated return of Art Basel Hong Kong at full scale, ARTE Generali found itself well positioned to support these developments.
With an impressive track record across Germany, Austria, France, Italy, the United Arab Emirates and the United Kingdom, ARTE Generali identified Hong Kong as its natural next step and recently launched a solution for private collectors in partnership with Generali Hong Kong.
A timely roll out
Data from Art Economics reveals that in 2023, China—including Mainland China and Hong Kong SAR—reclaimed its spot as the second-largest art market globally, achieving a 19% share by value and sales estimated at US$12.2 billion. This performance marked a recovery from a sales low in 2020 and highlights the region's strong appetite for fine art.1
Hong Kong's strategic location, efficient business infrastructure, and rich cultural heritage have helped its position as an art hub, easily accessible to clients from the Asia-Pacific region and beyond. The city hosts premier international art fairs and galleries, while the local government's efforts to promote art and culture, including the launch of the M+ Museum in 2021 and the Hong Kong Palace Museum a year later, have been instrumental in enhancing its international cultural status.An emphasis on personalisation
At the heart of ARTE Generali's Hong Kong debut lies a comprehensive range of solutions designed to meet the…
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More public support needed for MSF life-saving relief efforts in war-torn regions
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The conflict in Gaza, which started in October 2023, has completely crippled the local healthcare system, leading to significant casualties. Krystal So, midwife activity manager for Médecins Sans Frontières (MSF), assisted Gazans during two stints at Nasser Hospital in May and September this year, despite the heavy bombardment damaging healthcare facilities.
In Gaza, more than 10,000 hours have passed with the sounds of fighter jets becoming daily background noise, and there has been no moment of peace, Krystal reflected.
“In more than a year, no miracles have occurred, and there hasn't been enough food or drinking water. Gazans have had to flee from the war multiple times, moving their entire families. They endure the scorching summer and the harsh winter in tents, but cannot escape the bombs falling from the sky,” she recounts. “They watch helplessly as family members, children, parents, and best friends die around them.”
In many cultures, the birth of newborns symbolises hope. But hope is exactly what is lacking among the displaced Gazans.Krystal recounted that buildings would frequently shake at night due to bombings. She once witnessed the hospital entrance being bombed, and heard shootings near the clinic. What saddened her more is that two local colleagues lost their lives in the conflict during her second stint in Gaza. She admitted feeling "very heavy-hearted" upon learning of her colleagues' deaths, and the entire team couldn’t function for half a day. The things she witnessed constantly reminded herself of the reason behind her return: "It's because they are facing these difficulties and harsh realities, so I want to continue to learn, help, and work together with them."
“In more than a year, people have heard hysterical screams, smelled the stench of blood, shed endless tears, and witnessed people covered in scars,” Krystal notes. “The merciless war has gone too far, shattering the dreams of an entire society…
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