Demonstrations severely stifle tourists' arrival in Hong Kong

Financial news

Written by: Wen Haozong

2019-11-29 16:52

Controversy over the amendment of the Fugitive Offenders Regulations has set off a wave of demonstrations for up to six months, and the insurance industry has become another disaster area after the retail and hotel industries. According to the latest data from the China Insurance Regulatory Bureau, the premiums paid by mainland visitors for new policies in the third quarter were 9.7 billion yuan, a sharp drop of 28.8% quarter-to-quarter.

New policies for mainland customers in the first three quarters still up 5%

In the first three quarters of this year, the new insurance premiums brought by mainland visitors were 36 billion yuan, a year-on-year increase of 5.5%, accounting for 25.8% of the total personal business. The most popular products among mainlanders are critical illness, life insurance and medical products, accounting for 58%, 33% and 3% respectively. The Bureau pointed out that the number of single quarters in the third quarter had declined, mainly due to the impact of social events.

Overall, premium income from long-term business in the first three quarters was 392.5 billion yuan, an increase of 12.9% year-on-year, of which non-investment-linked personal life and annuity premium income increased by 19.3% to 341.7 billion yuan; new policy premiums increased by 15.4% to 139.8 billion yuan RMB, of which non-investment-linked personal life and annuities increased by 21.8% to 130.8 billion yuan.

In addition to the impact of life insurance business, the Insurance Regulatory Bureau also expects that recent social events will affect general insurance business. However, in the first three quarters, Hong Kong's general insurance business remained stable. In the first three quarters, gross premiums rose 9.5% to 44.4 billion yuan, and underwriting profits recorded 856 million yuan, a sharp increase of 8.8 times year-on-year. Loss, resulting in a low base of property damage business.

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