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Mainland Chinese spending on Hong Kong life insurance policies sinks 82 per cent

narrative 於 2020年12月14日發表   人氣:82


The slump in Chinese mainlanders’ spending on life insurance hong kong products deepened in the first nine months of the year, as the Covid-19 pandemic severely curtailed the number of people crossing the border.

Mainlanders spent a total of HK$6.5 billion (US$833 million) on life and annuity policies in Hong Kong between January and September, an 82 per cent decline from the same period a year ago, according to the Insurance Authority. The decline was sharper than the 76 per cent year on year fall recorded in the first-half. They accounted for 6.6 per cent of the overall spending on these products.
In the third-quarter, however, new premiums contracted by 68.3 per cent year on year to HK$266 million from the same period last year.

The biggest sequential decline was recorded between April 1 and June 30, when stringent restrictions to contain the virus were implemented. During that period, mainlanders spent only HK$839 million on life insurance products in the city, down 85 per cent from HK$5.4 billion in the first quarter.

Some 48 per cent of insurance policies taken out by mainlanders in the city in the nine months were for critical illness, 36 per cent on life products and 5 per cent on medical insurance.
“I expect the fourth quarter will still be very poor as the number of confirmed Covid-19 infections has soared in recent weeks,” said Chan Kin-por, a lawmaker for the insurance sector. “Due to the 14-day quarantine requirement both sides of the border, few people will come.”

Given mandatory Hong Kong-wide Covid-19 testing is impracticable according to Chief Executive Carrie Lam Cheng Yuet-ngor, it looks increasingly likely that quarantine requirements will not be lifted until after mass vaccination, he said.
The number of visitors to the city dropped 99.8 per cent to 4,855 in October, while that in the year’s first 10 months it plunged 93.2 per cent to 2.7 million, according to Hong Kong Tourism Board.

 


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