Hong Kong insurers to weather Beijing’s tax shift with 8-10% premium growth: S&P

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Hong Kong's life insurers are expected to achieve 8-10% annual premium growth over the next two years despite regulatory changes due to Beijing's overseas taxation rules. S&P Global Ratings cited sustained demand for overseas diversification as a key factor supporting the industry.

Hong Kong’s life insurers could still see annual premium growth of 8 to 10 per cent over the next two years, despite a recent regulatory shift stemming from Beijing’s overseas taxation rules, according to credit-rating agency S&P Global Ratings. Resilient demand for overseas diversification should prevent a lasting downturn, the agency said, in the latest vote of confidence in the city’s thriving insurance and wealth management industries. “We expect a temporary slowdown in sales to mainland...