News Asia02 Dec 2019

China:Mainlanders' purchases of insurance in HK fall by 18% in 3Q

02 Dec 2019

Insurance purchases in Hong Kong by mainland Chinese customers declined in the third quarter of this year as escalating protests halted visits to the financial hub, reported Bloomberg.

Mainland Chinese purchases of insurance and related investment policies declined 18% to HK$9.7bn ($1.2bn) from a year earlier, according to figures released by Hong Kong’s Insurance Authority. From the second quarter, they fell about 29%.

That year-on-year drop was the biggest since the start of last year, weighing on insurance giants such as Prudential and AIA.

Since rules stipulate that customers need to finalise contracts in person, sales have been hit as many prospective Chinese customers have avoided the former British colony which offers a a wider array of investment products and access to foreign currencies than in mainland China.

In the first half the year, largely before the protests kicked off, new premiums on policies sold to mainland visitors increased 18%.

For the first three quarters of the year, new premiums on policies sold to mainland still showed an increase of 5.5% to nearly HK$36bn.

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