Hong Kong’s insurance sector is seeing the positive effects of China’s reopening with a nearly 27-fold increase in sales to visitors from the country.
Life insurance sales in Hong Kong to mainland China visitors skyrocketed by 26.9 times to HK$9.6 billion ($1.2 billion), according to data from the Insurance Authority (IA).
This growth was driven by the «release of pent-up demand after resumption of cross-boundary passenger movement and a relatively low base of comparison last year», IA said in a statement.
Nonetheless, this still falls short of pre-Covid levels when Hong Kong recorded HK$12.8 billion in sales to mainland visitors in the first quarter of 2019.
Insurance Leader
Overall, Hong Kong insurance firms registered a 7 percent year-on-year decrease in gross premiums during the period, including a 10.7 percent increase in new business premiums excluding retirement scheme business for long-term insurance.
HSBC Life was the top-ranked insurer with a 21.7 percent market share of new business premiums in Hong Kong,
