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Life insurance sales in Hong Kong surged in first quarter thanks to world record policy, soaring demand from mainland visitors
- New life insurance sales in the first three months rose to HK$65.3 billion (US$8.4 billion) from HK$47 billion a year earlier
- Sales of policies to mainland visitors amounted to HK$15.6 billion in the three months to March, compared with HK$9.61 billion a year earlier
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Life insurance sales in Hong Kong surged by 39 per cent in the first quarter thanks to a world record policy sold by HSBC Life and strong growth in the number of mainland Chinese visitors buying policies in the city, according to data from the industry regulator.
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New life insurance sales in the first three months rose to HK$65.3 billion (US$8.4 billion) from HK$47 billion a year earlier.
Sales of policies to mainland visitors amounted to HK$15.63 billion, the Insurance Authority figures showed, a big jump from HK$9.61 billion a year earlier.
That is higher than the pre-Covid levels. Mainlanders bought HK$12.8 billion of life and medical policies in the first quarter of 2019, representing 26.4 per cent of the total.
HSBC Life issued the world’s most valuable life insurance policy with a protection value of US$250 million, which was certified by Guinness World Records in February. The sale, though its premium was not disclosed, was a major boost to the total sales of new life insurance.
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The jumbo policy, along with a hike in sales of insurance products to wealthy customers, helped the insurer to achieve 63.7 per cent year-on-year growth in new business premiums to HK$16.7 billion in the January-to-March period. This helped HSBC Life to maintain its position as the top life insurer in Hong Kong in terms of new sales.
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