Hong Kong is aging, and so is mainland China.
The problem poses a big headache for the government, but insurers stand to gain from such demographic changes.
As demand for medical and life insurance increases, insurers are stepping up their recruitment of sales agents.
The sector now employs more than 88,000 people, up from around 79,000 last year, a JobMarket report said.
The number is tipped to exceed 100,000 next year, meaning there will be lots of new vacancies.
Another noticeable trend is more mainlanders are coming to Hong Kong to buy insurance products, attracted by the city’s robust regulatory environment.
The city’s reputation for fast and fair handling of claims is also a key draw.
This type of business accounted for 20 percent of the premiums the industry collected in the first half of this year from individual clients, according to government statistics.
This has prompted insurance firms to seek mainland immigrants in Hong Kong as they expand their sales teams.
Aside from frontline sales staff, the industry is also going to need more back-office personnel to handle claims and other responsibilities.
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