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.
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