EditorialMedical insurance review a timely move for a sector under pressure
Hopefully, the review will open doors to a transparent, digitally accessible and internationally focused insurance market
Clement Lau Chung-kin, the authority’s executive director of policy and legislation, said the goal was increased transparency so insurance products become “more accessible and affordable”.
Insurance premiums have soared sharply as medical costs rise at a rate of about 9 per cent a year. High-end coverage has jumped nearly 30 per cent. The projected overall average premium per person was expected to surpass HK$11,000 (US$1,400) this year, nearly 15 per cent more than in the second quarter of 2025. Lau said data from a comprehensive assessment could help consumers make better choices. Insurance companies might also introduce more products as competition increases and prices decrease.
The planned review could also help open markets to international buyers, including those from Southeast Asia and the Middle East. While mainland Chinese visitors to the city are a core demographic, the share of policies sold to them has dipped. Proposed regulatory reforms, including those allowing overseas Chinese to purchase policies without in-person visits, are ways to remove obstacles to achieving regional pre-eminence in the sector.
The authority’s review is timely. Hopefully, it will open doors to a transparent, digitally accessible and internationally focused insurance market that will in turn improve the prognosis for the stability of the city’s financial infrastructure.