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Oct 2020

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China: Mainland Chinese insurance purchases in HK plunge by 76%

Source: Asia Insurance Review | Oct 2020

According to recent data released by Hong Kong’s Insurance Authority, new office premiums attributable to mainland Chinese visitors contracted by 76.3% for the first half of the year as a whole to HK$6.2bn ($800m).
 
The sharp plunge was due to restrictions on cross-boundary passenger movements because of the COVID-19 pandemic.
 
In 2Q2020, new office premiums from policies sold to mainland Chinese plummeted by 84.5% to HK$839m from HK$5.4bn in the first quarter. 
 
In the first three months of this year, such new office premiums plunged by 57.7% to HK$5.4bn from HK$12.8bn generated in the corresponding quarter last year. A 
 
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