Year 2024 - Business opportunities for insurance intermediaries in the GBA 保險中介在大灣區的發展機遇

15 2023 年刊與 2024 展望 YEARBOOK 2023 & PROSPECT 2024 專題探討 FEATURE Unlocking Opportunities: Insurance Intermediaries in the Greater Bay Area GBA Background: The Greater Bay Area (GBA) is a dynamic and ambitious initiative that aims to integrate the economies of nine cities in southern China, including Hong Kong, Macau, and several major cities in Guangdong Province. With a combined population of over 86 million and a total GDP exceeding 14 trillion yuan, the GBA's economic strength is comparable to that of the Tokyo Bay Area in Japan, placing it among the top four bay areas in the world. In fact, projections suggest that if the current growth rate is maintained, the GBA's GDP is expected to surpass that of the Tokyo Bay Area by 2026, making it the world's largest bay area in terms of economic output. This remarkable growth potential positions the GBA as a thriving hub for finance, technology, manufacturing, and other industries, offering unparalleled opportunities for businesses and professionals alike. Hong Kong, with its robust financial system, well-established legal framework, and international connections, plays a pivotal role in driving the GBA's economic success. Life insurance: Life/health insurance providers from Hong Kong have taken a significant step in enhancing customer convenience and satisfaction by establishing an after-sales service center in the GBA. The primary objective of this service center is to provide policyholders with convenient access to professional assistance and guidance throughout the process of filing insurance claims. Additionally, the center offers a streamlined facility for renewal premium settlement and other services. By serving as a dedicated hub, this after-sales service center aims to promptly and effectively address the diverse needs of customers. This significant initiative serves as a testament to the unwavering commitment of Hong Kong insurance companies in prioritizing customer satisfaction and ensuring a seamless insurance experience for policyholders within the GBA. General Insurance: - For Individuals With the end of the COVID-19 pandemic and the reopening of border crossings between Hong Kong and mainland China, there has been a significant increase in the exchange of residents in the GBA. This surge in movement has presented numerous opportunities for the insurance industry, with car insurance standing out prominently. As travel and commuting between Hong Kong and the mainland intensify, the demand for automobile insurance has seen a notable rise. Commencing on July 1 st , "Northbound Travel for Hong Kong Vehicles" is a noteworthy endeavor aimed at advancing the development of the Guangdong-Hong Kong-Macao Greater Bay Area. It provides Hong Kong residents and businesses with greater flexibility in exploring opportunities and engaging in activities within the GBA. Based on the data provided by the transportation department, the valid applications of Northbound vehicles exceed approximately 80,000. It has been determined that the Unilateral Recognition policy, which forms a constituent part of the Northbound Travel scheme, currently holds a modest 10% share of the overall insurance market. This impetus compels the market to engage in proactive exploration of strategies aimed at uplifting the market share.