Hong Kong insurers see boom in sales to mainland visitors

The strong rebound in sales is hardly surprising given the difficulty that mainland residents faced in traveling to Hong Kong during the implementation of China’s zero-COVID policy. Moreover, insurance products will continue to prove attractive as mainland consumers look for stable, low-risk investment vehicles amid rising global interest rates and increasing economic uncertainty in China…
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CBIRC tells insurers to reduce rate of return on new products

Falling interest rates have raised regulators’ concerns that insurance companies could be exposed to losses from negative interest rate spreads. There’s also concern that competition for new business may drive some insurers to offer policyholders higher returns than they can earn on their investments…
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CBIRC announces trial program to convert life insurance policies into long-term care benefit plans

China’s aging population is increasingly putting strain not only on the country’s creaking pension system, but also on the generation of children born during China’s One-Child Policy era. The pressure on young adults to either care for their aging parents on their own or to find alternative solutions to ensure that they receive adequate care risks becoming both an economic liability and a thorny social problem…
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