Hong Kong Ageing Population Opens New Opportunities for Insurers and Pensions

Hong Kong’s ageing population is straining public healthcare while opening new business opportunities for insurers and banks, officials and executives said at the Asian Insurance Forum on Monday.

Insurance Authority chairman Stephen Yiu said the Hong Kong ageing population is driving demand for health insurance, annuities and retirement solutions as demographic pressures intensify.

The government projects about 2.4m elderly residents by mid-2036, representing roughly one-third of the population.

Official data show health expenditure reached 8.3% of GDP in 2023/24. Undersecretary for Health Cecilia Fan said tax incentives introduced in 2019 for the Voluntary Health Insurance Scheme are intended to steer those who can afford it towards private healthcare.

Manulife, HSBC and BOC Life have introduced income plans, while officials said the government is promoting a broader “silver economy” strategy in response to the Hong Kong ageing population.