Business
Record-Breaking Life Insurance Sales in Hong Kong Fueled by Mainland China Buyers: A Surge to $14.9 Billion
Sales of life insurance in Hong Kong reach an all-time high, fueled by purchasers from mainland China. There has been a 12 per cent increase in sales, reaching a whopping US$14.9 billion, as mainland Chinese continue their purchasing trend in pursuit of better profits and to safeguard their yuan.
The first half saw a remarkable 12 percent increase in life insurance sales in Hong Kong, hitting an all-time high. This surge was driven by a continuous buying trend among mainland visitors and affluent locals in Hong Kong. Additionally, a global record-breaking policy also contributed to this boost.
Sales of new life insurance policies surged to US$14.9 billion (HK$115.9 billion), up from the previous record of US$13.3 billion (HK$103 billion) reported during the same timeframe the previous year, as per data from the Insurance Authority.
This is the greatest amount since the institute's inception in 2016, marking a 16% increase from the HK$99.9 billion recorded in the first six months of 2019, prior to the Covid-19 outbreak.
Policy purchases by visitors from the mainland in the first half reached HK$29.7 billion, marking a 7 per cent decrease from HK$31.9 billion the previous year. However, this figure is still above pre-pandemic levels, as mainlanders purchased HK$26.3 billion worth of life and medical policies in the first half of 2019.
During the first half, 26 percent of the total life and medical insurance premiums were attributed to visitors from the mainland.
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