Hong Kong's insurance market is projected to grow 55% to $127 billion in gross premiums by 2032, driven by aging demographics and low insurance penetration in the Greater Bay Area, the South China Morning Post reported Tuesday, citing Manulife (HKG:0945) Asia Chief Executive Steve Finch.
Only 3.5% of the Greater Bay Area's 86 million residents have health or life insurance, versus 18% in Hong Kong, Finch said at the SCMP's 2025 China Conference.
New life insurance sales in Hong Kong jumped 21.4% in 2024 to a record HK$219.8 billion, with 28.6% of policies sold to mainland visitors, the report said, citing the Insurance Authority.
Finch said Hong Kong's regulatory depth and integration with the GBA make it a "center of excellence."
Executives from Manulife and the Hong Kong Federation of Insurers cited consumer confidence, regulatory reforms and streamlined redomiciling rules as key drivers for growth.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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