Local media report that statistics provided by the insurance authority of Hong Kong show premiums of mainland customers' insurance orders in the first half of 2016 hit a record high of US$3.88 billion, an increase of 116% year-on-year.
Hong Kong’s visitor numbers are being swelled by a new shopping craze that has seen mainlanders crossing into the SAR in search of life and health insurance.
Local media report that statistics provided by the insurance authority of Hong Kong show premiums of mainland customers' insurance orders in the first half of 2016 hit a record high of US$3.88 billion, an increase of 116% year-on-year.
Instead of squeezing their way into luxury stores, mainlanders are now jostling around counters of the insurance companies.
Insurance in Hong Kong on average costs 10-30% less than on the mainland.
Buying large sum insurance in Hong Kong is also a way to avoid potential inheritance tax by transferring assets abroad, security analysts say.
But the insurance authority warns that insurance bought in Hong Kong is not bound by mainland laws, and legal disputes will be tricky for mainland clients.