A few days ago, the Hong Kong Insurance Authority preliminarily revealedIn 2023, Mainland visitors coming to Hong Kong to apply for individual life insurance policies will generate about HK$59 billion in new office premiums, surpassing the 2019 level,second only to the all-time peak of HK$72.7 billion in 2016.
Analysts said that Hong Kong insurance has the advantages of a wide range of capital investment, high product pricing interest rates, and more flexible policy design, but investors also need to consider the cost of transportation and exchange in Hong Kong, as well as the later exchange rate risk, and should be selected in combination with personal investment needs and risk tolerance. Savings policies accounted for 60%.According to the data, the surge in new premiums for mainland visitors in 2023 is mainly driven by the data in the first and second quarters, and the data in the third and fourth quarters has declined. Among them, the new policy premium in the fourth quarter of 2023 was 12.2 billion yuan, down another 19% quarter-on-quarter, and the new policy premium of mainland visitors in the third quarter was **329%。In terms of insurance products, unlike the previous situation where protection insurance accounted for 60% and savings insurance accounted for 40%, savings and protection accounted for 60% and 40% of the policies purchased by mainland visitors in 2023. According to industry insiders, the current pricing interest rate of Hong Kong insurance products is relatively high, and the annualized interest rate is concentrated between 5% and 7%. Hong Kong insurance is currently popular, as wellOn 6 February last year, the Hong Kong-Shenzhen land boundary control points fully resumed "customs clearance", which is related to making it more convenient for mainland residents to travel to and from Hong Kong. It has multiple advantagesIndustry insiders believe that Hong Kong insurance is popular with the mainland for a number of reasons, including:A wide range of capital investment, high product pricing interest rates, policy flexibility, etc. Yang Fan, general manager of Beijing Paipaiwang InsuranceAccording to the analysis, on the one hand, Hong Kong is the first in Asia and the second in the world, with many global insurance group companies, and Hong Kong's investment environment is also more mature, with higher investment returns. On the other hand, Hong Kong insurance policies also have advantages in premium pricing, and there are many global service outlets, which is convenient for consumers to settle claims worldwide. Policy flexibility is also important. oneLily, an insurance broker in Hong KongHe said that many Hong Kong insurance products can also provide dividend lock-in and unlocking functions, supporting unlimited changes to the insured to achieve wealth inheritance. In addition, Hong Kong insurance can be converted into multiple currencies. Preferential activities in Hong Kong's insurance industry are also one of the driving factors for mainland visitors to buy. "This year, the industry expects the Fed to start cutting interest rates, which will also affect Hong Kong insurance. Nowadays, many companies have first-year promotions. Lily said. Not for everyoneHowever, the purchase of a Hong Kong insurance policy also involves issues such as transportation, currency exchange, and face-to-face signing. From an investment point of view, buying Hong Kong insurance is not suitable for all people. "It should be noted that you need to go to Hong Kong in person to apply for insurance. Moreover, Hong Kong insurance pursues a policy of 'strict entry and wide exit', with strict health notification and underwriting, and follows the principle of unlimited notification. Yang Fan reminded from the legal level.
Yang Fan introduced that if there is a claim dispute with an insurance company and the litigation cost is high, Hong Kong insurance is subject to Hong Kong law, which is different from the mainland; In addition, it is also necessary to pay attention to the exchange rate risk, as well as the risks such as low cash value and uncertain dividend income in the early stage of the policy. A senior relationship manager of China Merchants BankHe told reporters that at present, many customers in the mainland who buy Hong Kong insurance policies are considering factors such as studying abroad and overseas real estate, and for most ordinary investors, considering factors such as foreign exchange and service convenience, it may not be appropriate to buy Hong Kong insurance. Zhang Yunzheng, chief executive officer of the Hong Kong Insurance Authority, believes that the new premium figures of mainland visitors last year reflected the release of their accumulated insurance demand in recent years, but if this figure is divided over four years, the new premiums are only about HK$10 billion per year, which is not a blowout growth. Looking ahead to 2024, Cheung believes that new premiums for mainland visitors are likely to remain at HK$40 billion to HK$50 billion. Reviewer: Zhao Bai Zhinan Editor: Zhang Jing Proofreader: Ya Wenhui Producer: Zhang Nan Issued: Peng Yong.