Mainland travelers blow through $62.8 billion! The latest figures on Hong Kong insurance are out

Recently, the Hong Kong Insurance Authority (HKIA) released its annual figures for 2024, and the Hong Kong insurance market has been heating up again with an astonishing growth rate!

2024, territory-wide new policy premiumsSurpassed the HK$200 billion mark for the first timeThe number of mainland visitors contributes nearly one-third of the premiums.Become the core engine driving market growth.

This is a good indication that mainland visitors are taking out insurance products in Hong Kong.Enthusiasm remains highThe Mainland's enthusiasm for taking out insurance in Hong Kong is pulling out all the stops!

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Mainland visitors added $62.8 billion in new premiums

Gross new premiums of $219.8 billion for the whole of Hong Kong

For the full year 2024.Hong Kong-wide new policy premiums wereHK$2198(math.) genusCompared with the same period in 2023 at HK$1,807, the year-on-year surge was 22%, another record high!

For the full year 2024.Premiums for new policies taken out by Mainlanders in Hong Kong amounted to $4.5 billion.HK$62.8 billion!second only to 2016's all-time peak of $72.7 billion, up 6.51 TP3T from 2023.This is equivalent to one out of every three new insurance policies in Hong Kong coming from mainlanders!  

It can thus be seen that Hong Kong insurance is still highly favored by mainland investors!

As an Asian insurance hub and one of the world's premier and highly sophisticated insurance markets, Hong Kong's record year-on-year premiums are the veryThe best evidence that the market is booming.
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Most Popular with Mainland Customers

Types of Insurance in Hong Kong

According to detailed data from the Hong Kong Insurance Authority, the rise in premiums for new business from mainland visitors was mainly driven byWhole life insurance (58.5% piece share)cap (a poem)Savings life insurance (3.6% piece share)demand-driven, reflectingInvestors' core needs for wealth transfer and risk protection.

Currency.Highest percentage of policies in US dollarswhich amounted to 78.91 TP3T.Highlighting investors' strategies to hedge against the risk of RMB depreciation.

In terms of contribution structure, the share of lump sum policies reached 43.241 TP3T.Demonstrates the importance that HNW clients place on capital efficiency.

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Mainland investors keen on Hong Kong insurance

Analysis of the Core Drivers of the

Against the backdrop of rising demand for cross-border financial resources allocation, Hong Kong insurance products are becoming an important option for asset allocation for the middle and high net worth individuals in the Mainland by virtue of their unique income advantages, tax planning features and institutional protection.

◎ Spillover of demand from the mainland market

► Low interest rate environment: Mainland deposit rates fall below 2%, HK savings insurance expected IRR 5%-6% forms a significant advantage;

▶ Tax planning: Hong Kong policies are excluded from CRS reporting and claim payments are exempt from estate tax.

◎Advantages of the Hong Kong Insurance System

► Legal Protection: Regulated by the Hong Kong Insurance Ordinance, offshore asset attributes enhance privacy protection;

► Global Asset Allocation: Multi-currency policy (USD/HKD/RMB) to fulfill cross-border needs.

#04

Hong Kong insurance

Typical Segments and Configuration Recommendations

With its unique system advantages and product characteristics, Hong Kong insurance is mainly suitable forThe following core group of people:

The HK$219.8 billion explosion in Hong Kong insurance sales is no coincidence.

Hong Kong, as one of the most mature and sophisticated insurance markets in the world.No foreign exchange control, investment all over the world, can realize the diversified allocation of assets."Diversified Assets + Safe Judicial Segregation + Excessive Flexible Returns" is the underlying logic of Hong Kong's insurance boom.

If you are interested in applying for Hong Kong insurance, please feel free to contact us!