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Hong Kong insurers ride affluent demand to record sales as longevity and legacy needs grow
Mainland China and overseas wealth, alongside family offices, is driving insurance demand in the city to new highs
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Life insurance sales in Hong Kong rose 51 per cent in the first quarter to another record high, driven by affluent customers from mainland China and overseas buying policies for wealth transfer, protection and medical needs.
The industry wrote HK$141.1 billion (US$18 billion) in new life policies in the first quarter, compared with HK$93.4 billion a year earlier, according to data from the Insurance Authority released on Friday.
It marked the third year that first-quarter sales hit a record high since the authority was established in 2016.
Demand for products addressing longevity among Hongkongers was a key driver, said Wilton Kee Wing-tao, CEO of Manulife Hong Kong and Macau.
“Customers are increasingly planning for longer, healthier and more financially secure lives, while rising demand for wealth accumulation, legacy and intergenerational wealth planning has further strengthened the appeal of insurance solutions,” Kee said.
“These shifting priorities are converging with Hong Kong’s rising stature as a leading global financial centre and family office hub, creating a strong platform for insurers to help customers plan across life stages and generations.”
In December, Manulife’s Hong Kong unit became the first major global insurer to redomicile from Bermuda to the city to capture growing opportunities.
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