Congratulations for the big deal of VRS!

Congratulations! VRS successful won case of a Sunseeker Manhattan 52 which is a new business within January.

VRS also won the group medical insurance of Malca-Amit Global Ltd, one of the world leading logistics company who is specializing on luxury goods such as fine art, jewelry and precious metals.

Moreover, VRS won two construction insurance for our existing client, Power Smart Engineering Ltd & KW Nelson Interior Design and Contract Ltd with total contract sum over HK$100M and total premium over HK$1,000,000.

Yacht Style column 
written by CEO Tommy Ho

WhatsApp Image 2021-01-20 at 4.35.05 PM.
WhatsApp Image 2021-01-20 at 4.35.04 PM.

When Covid-19 started to spread around the world, I’ll admit that it didn’t look good for anyone. It has proved challenging for almost all industries across the globe, including yacht insurance due to the huge losses in the markets in the previous years.

However, for many living in Hong Kong, yachting proved an escape, a way out of the stress and fear, the crowds and the urban environment. As people were unable to travel, they needed to find alternatives for their weekends and holidays. A yacht was an ideal escape, as it’s a private environment not bound by the virus-fighting regulations imposed by the Government. Yacht dealers also became aware of this situation so many of them imported mid-size stock boats (up to about 100ft) around the second quarter of last year, which ensured that the increased demand was converted into sales. Some clients even mentioned they weren’t aware Hong Kong had so many beautiful islands as they explored more of the waters around our city.

There was a knock-on effect. As existing owners used their boats more around Hong Kong, more potential owners were exposed to the fun of having a yacht. As such, I met a lot of new boat owners during this time and assisted them with purchases and the buying process. Often, they made a decision very quickly, whether it was for a new or brokerage yacht. And inevitably, there were a lot of first-time owners seeking insurance. 

Due to the overall increase in demand for boats of all sizes, we noticed many more owners taking powerboat licence courses, which not only allows them to drive their own boat but also take out their speedboat for a ride or take their family and friends waterskiing and so on. If we look at one of the positives of the pandemic, it has encouraged people to get outdoors and this has been positive for the whole leisure marine industry. It encourages fun and activity in natural surroundings.

I think that we will have to live with Covid-19 for at least the coming year in one form or another. And I believe the yachting market could keep growing in Hong Kong – and hopefully revive in other parts of Asia – as people seek to buy a boat in the knowledge that they might not be able to travel elsewhere as easily or as frequently as they used to.The main challenge of New Year’s resolutions is that most people commit to far too ambitious goals.

If you’d like to save more money, committing to “I’ll save 30% more of my income next year” is destined to fail – because that is far too ambitious.

It’d be much smarter to approach your resolution with small steps, such as “Every month I will save 2.5% more than the month before”. That way in January you’ll save 2.5% more, in February 5% and so on, until you’re finally saving 30% more by the end of the year.

The same goes for exercising more, eating healthier or smoking less. If you’ll attempt to go from zero to hero, the chances are extremely high that you’ll fail. If you accept that there’s no elevator to success, and you commit to taking the stairs, your chances of sticking to your New Year’s resolutions increase significantly.

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