Date
16 January 2017
Some online payment channels of Prudential and China Life Insurance (Overseas) have been closed. Photo: HKEJ
Some online payment channels of Prudential and China Life Insurance (Overseas) have been closed. Photo: HKEJ

Hong Kong insurers post 30% premium income growth despite curbs

Hong Kong insurers posted HK$32.6 billion (US$4.2 billion) in premium income from Chinese clients in 2015, up 29.5 percent from a year earlier.

The figure accounts for 24.2 percent of the combined total of HK$130.9 billion from new life insurance policies and compares with 16.1 percent and 21.4 percent growth in 2013 and 2014, respectively, the Hong Kong Economic Journal reports, citing data from the the Office of the Insurance Commissioner.

Mainlanders are barred from paying for cross-border life insurance purchases by electronic means, according to Bloomberg.

Such transactions are capped at 30,000 yuan each for accident insurance, medical and transportation-related insurance.

Some online payment channels of Prudential and China Life Insurance (Overseas) have been closed.

Lawmaker Chan Kin-por, who represents the insurance industry, said the restrictions will deter mainlanders from buying cross-border policies, slowing premium income growth for domestic insurers.

[Chinese version 中文版]

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