Tourists from mainland China spent HK$15 billion to buy insurance in Hong Kong last year, prompting fears of disorderly sales if not handled carefully, the South China Morning Post reported Monday. Mainlanders’ share of new life insurance sold in Hong Kong grew to 16 per cent last year from 13 per cent in 2012, 9 per cent in 2011 and 4 per cent in 2010. Hong Kong insurance agents are barred from selling any products in the mainland but mainlanders can buy policies from Hong Kong agents or banks when they visit the city, the report said. Mainlanders have become an important source of business for Hong Kong-based life insurers, Chan Kin-por, a legislator for the insurance industry, was quoted as saying. However, there are fears the trend will create problems in the domestic insurance market if left unchecked, the report said.
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