Beijing’s new measures supporting ‘insurance connect’ scheme may boost Hong Kong insurers’ expansion into bay area

China will allow direct settlement of health claims at public hospitals in Shenzhen with Hong Kong and Macau insurers, under a new pilot scheme

‘For the insurance industry, the initiative represents an opportunity to drive accelerated expansion into the Greater Bay Area,’ says Deloitte

Reading Time:3 minutes

China will for the first time allow the direct settlement of health claims at public hospitals in Shenzhen with Hong Kong and Macau insurers. Photo: Martin Chan

Published: 7:30pm, 28 Jan 2022

Hong Kong insurance companies are expected to expand more aggressively into the Greater Bay Area as a result of new measures announced by Beijing to make it easier for mainland policy holders to make claims.

China will for the first time allow the direct settlement of health claims at public hospitals in Shenzhen with Hong Kong and Macau insurers, the National Development and reform Commission and the Ministry of Commerce said on Wednesday.

Regulators should help establish insurance service centres to provide after-sales services to people who have bought insurance products from Hong Kong and Macau, the authorities said.

The move is expected to enhance the financial connection between cities in one of the most developed regions in China, while giving hope to insurers that had witnessed a slump in mainlanders buying insurance products during the coronavirus pandemic.

“The establishment of capital flow and a market connection system between Shenzhen, Hong Kong and Macau should be facilitated,” the authorities said in a policy document.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x