Hong Kong insurers post 30% premium income growth despite curbs

SomeonlinepaymentchannelsofPrudentialandChinaLifeInsurance(Overseas)havebeenclosed.Photo:HKEJ

（EJINSIGHT）HongKonginsurerspostedHK$32.6billion(US$4.2billion)inpremiumincomefromChineseclientsin2015,up29.5percentfromayearearlier.

Thefigureaccountsfor24.2percentofthecombinedtotalofHK$130.9billionfromnewlifeinsurancepoliciesandcompareswith16.1percentand21.4percentgrowthin2013and2014,respectively,theHongKongEconomicJournalreports,citingdatafromthetheOfficeoftheInsuranceCommissioner.

Mainlandersarebarredfrompayingforcross-borderlifeinsurancepurchasesbyelectronicmeans,accordingtoBloomberg.

Suchtransactionsarecappedat30,000yuaneachforaccidentinsurance,medicalandtransportation-relatedinsurance.

SomeonlinepaymentchannelsofPrudentialandChinaLifeInsurance(Overseas)havebeenclosed.

LawmakerChanKin-por,whorepresentstheinsuranceindustry,saidtherestrictionswilldetermainlandersfrombuyingcross-borderpolicies,slowingpremiumincomegrowthfordomesticinsurers.