Insurance industry landscape in Hong Kong

The Insurance industry in Hong Kong - 2021

The situation of the insurance industry in Hong Kong has led to the necessity to adapt the strategy of the companies in this sector but also a reconsideration of their offers and their digital features.

The study aims to understand the perception, ownership, and preferences of the Hong Kong population toward the insurance industry.

March 2021 ● 5 days duration ●  Hong Kong ● Digital Survey


Key findings

  • Ownership of insurance products
  • Preferences & influences
  • Digital usage in the industry
  • Main Takeaways

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Zoom on Hong Kong

  1. High time to embrace the digital dimension?

Hong Kong has seen last year the second-worst ever slump in life insurance sales as Covid-19 travel restrictions keep mainland buyers away. It is the smallest amount in a decade.

The Insurance Authority blamed the plunge on cross-border travel restrictions that brought tourist arrivals to a standstill. Since March last year, overseas visitors have needed to be quarantined for 14 days - later expanded to 21 days - on arrival in Hong Kong. The number of mainland visitors to the city dropped 93.8 percent year to 2.7 million last year, according to the Hong Kong Tourism Board.

Mainland tourists must buy their insurance products in person in the city under the law, so the sharp fall in visitors hit the industry and its 100,000 salespeople hard last year.

The HKDI (Hong Kong Design Institute) introduced a virtual platform in September to assist insurance companies in developing online sales channels as the social distancing rules prevented agents from meeting with their customers.

The purpose of this lite research is only to showcase a work sample. For more respondents, insights, or questions about our methodology, please contact: raphael@themethod-research.com

The Method Research