New business premiums from mainland visitors to Hong Kong insurers soared by 5,806% year-on-year in the first half of 2023, surpassing the pre-pandemic levels. Totalling HKD31.9bn (USD4.07bn), it was 21.3% higher than the same period in 2019, driven by pent-up demand and lower comparison bases. Whole life and critical illness products constituted 89% of these policies. Despite this surge, total gross premiums fell by 1.4% to HKD295.7bn. Excluding retirement schemes, new office premiums for long-term business jumped by 25.9%. HSBC Life dominated in new business premiums with a 19.6% market share. The firm anticipates sustained demand with increasing international arrivals. Competitor FWD Group reported a 22% growth in new business value, with a significant 56% jump in adjusted operating profit before tax.
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