HK insurers' new individual life business continue to grow this year: regulator

Hong Kong’s total office premiums for new individual life business has continued to grow this year, driven by demand from local customers, the mainland and other parts of Asia, head of the city’s insurance regulator said. 

Last year, such business recorded a year-on-year increase of more than 21 percent and accounted for 85 percent of the premiums for long term business. 

Speaking at the Asian Insurance Forum, Insurance Authority’s chairman Stephen Yiu Kin-wah said regulators are currently facing challenges including climate change, demographic shifts, economic downturns, geopolitical tensions and trade disputes. 

He said it is important to embrace innovation while also focusing on inclusion and governance.