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Hong Kong life insurance sales to mainland Chinese visitors surge as border reopening unleashes pent-up demand
- Life insurance policies sold to mainland customers tripled in 2022 as travel restrictions eased late in the year
- Leading players including AIA and HSBC Life reported strong growth of sales to mainland visitors after the full reopening of the border
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Hong Kong life insurance sales to mainland Chinese visitors are showing signs of a resurgence this year as the reopening of the border unleashes a wave of pent-up demand.
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The value of such policies sold to mainland customers tripled last year from 2021, according to figures released on Friday, as the gradual easing of strict travel restrictions late in the year allowed cross-border traffic to resume.
And things are only getting better, according to Hong Kong based insurers.
Leading players including AIA, HSBC Life and Standard Chartered all reported strong growth of sales to mainland visitors in the first two months of this year after the full reopening of the border between Hong Kong and the mainland on January 8.
“In February, we have seen applications from mainland customers already surpassing pre-pandemic levels,” said Edward Moncreiffe, CEO for Hong Kong operations at HSBC Life.
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The company was the number one seller of life insurance policies last year with a market share at 24 per cent by new premiums, Insurance Authority data showed.
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