As a supplementary pillar for ageing well, the insurance sector is required to collaborate with the government, policymakers and healthcare providers to address the challenges of an aging population, according to Hong Kong's Insurance Authority (IA).
With the launch of Ageing Well Hong Kong 2026 on Wednesday — a cross-border conference focused on health, wealth and technology — professionals gathered to explore opportunities arising from the silver economy and build a sustainable age-friendly society.
Ageing well is like building a house with a strong foundation provided by the government, policymakers and healthcare providers, and insurance serves as a roof as an additional layer of protection, said Clement Lau, executive director, Policy and Legislation of Insurance Authority.
However, as people live longer, private health insurance has become limited on the adequacy of healthcare and retirement protection. As an aging population presents growing healthcare and financial protection concerns, with the situation continuously intensified by persistent medical inflation, the private market needs more long-term care products.
"We do want to stimulate a virtuous circle where innovative products reach the protection gaps, wider consumer choices and provide genuine peace of mind for policyholders and their families," Lau said.
Hong Kong's population aged 65 or above is projected to reach 2.74 million by 2046, accounting for more than one third of the population. Hong Kong’s First Five-Year Plan and the Chief Executive's 2026 Policy Address, unveiled last month, underscored a more proactive and strategic approach to tackling population ageing and birth rate.
The government announced a report on ageing society strategies last month, including 73 strategic measures across 11 areas covering elderly residential care services, cross-boundary elderly care, elderly-friendly urban planning and design, elderly travel, silver economy and others, said Cheuk Wing-hing, deputy chief secretary for Administration of HKSAR at the conference, who led the working group for the report.
Retirement financial security is not only about building adequate savings, but also keeping them safe. As digital scams grow more sophisticated, seniors remain prime targets. To curb elderly exposure to fraudulent content, the Hong Kong police will launch a cyber‑hygiene initiative in 2027 alongside tech and telecom operators, using AI to proactively remove scam posts on social media, he added.
Hong Kong boasts one of the world's highest life expectancies, standing at 83.3 years for men and 88.7 years for women in 2025, according to the Census and Statistics Department.
"Our price is the longest life expectancy in the world, but we cannot truly celebrate yet because we have not yet worked out how we are going to pay for that price," said Mark Saunders, president of Hong Kong Actuarial Society. “[A] Society that protects both the length of life and the cost of illness in old age will lead the world in aging well. We want that to be Hong Kong.”
Frank Feng
