Mainland Chinese spent HK$34.12bn ($4.36bn) in new business premiums for health and life insurance in the first nine months of this year, down by 15.8% compared to the corresponding period last year, according to data from the Insurance Authority.
In the first half of this year, mainland Chinese accounted for new office premiums of HK$22.33bn in the Hong Kong insurance market, 26.6% lower than in the corresponding period in 2017.
The new business premiums in the first three quarters of this year of HK$34.12bn from mainland Chinese represented 28% of total new premiums for the overall Hong Kong life market of HK$121.08bn.
The Insurance Authority also provided a breakdown of the types of cover bought by mainland Chinese visitors to the territory. Medical/protection business accounted for HK$23.97bn or 70% of total new business premiums from mainland Chinese. The new business premium volume was down by 7.2% compared to the first nine months of last year. Savings and investment products accounted for HK$10.15bn or 30% of total new business premiums from mainland Chinese. This reflected a plunge of 30.9% from the corresponding first three quarters of last year.