Chinese nationals have traditionally been a major contributor to the growth of Hong Kong’s life insurance market; this contribution peaked in 2016 when more than one-third (HKD 73 billion; USD 9.4 billion) of the life segment’s new business GPW was generated by non-Hong Kong residents from the mainland, thanks to the wide variety of product offerings by Hong Kong insurers. However, life insurance sales from mainland customers have declined since China’s imposition of certain measures to prevent capital outflow.

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Source: https://www.ifcreview.com/articles/2021/february/new-initiatives-boost-hong-kongs-insurance-market-position/