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Hong Kong insurers to weather Beijing’s tax shift with 8-10% premium growth: S&P
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Chelsea YangPublished: 10:00am, 14 Aug 2026
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 customers,” S&P stated in a new report, adding that it did not expect a sustained decline in business despite potential near-term volatility amid mainland China clients reassessing their offshore investment choices.
“Underlying demand for multi-currency asset diversification, offshore wealth management, and healthcare and protection remain[s] intact,” the agency said.
Interest-rate differentials, multicurrency assets, healthcare needs and protection gaps among Hong Kong’s ageing population should continue to underpin the sector, the agency added in the report published on Tuesday.
Beijing’s taxation bureau said a week ago that recent scrutiny stemmed from an existing tax rule rather than a new policy. But market anxiety grew as local tax authorities stepped up enforcement, while cross-border information sharing under the Common Reporting Standard made offshore assets increasingly visible.
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