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Industry players see huge opportunity for HK insurers

Insurance industry players in Hong Kong are expecting that the Greater Bay Area ((GBA) integration will exponentially increase the volume and velocity of mainland visitors to Hong Kong who will be seeking personal financial protection solutions. Damien Green, Asia president and CEO of Manulife, one of the city’s biggest insurance firms, said the time has now arrived for the corporate sector to show optimism for the future of the city. Green said Hong Kong can provide a wide range of insurance cover to the 80 million residents of the bay area. A Manulife survey of more than 1,600 mainland Chinese residents last year showed that the vast majority planned to visit Hong Kong when the border reopens. Mainland Chinese were the biggest spenders on Hong Kong insurance policies before the pandemic brought cross-border traffic to a standstill over the past two years.

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