Hong Kong sees second-worst ever slump in life insurance sales as Covid-19 travel restrictions keep mainland buyers away

Sales of life insurance policies in Hong Kong plummeted last year as border restrictions meant mainlanders could not visit the city to buy them.Total sales of new policies dropped 22.8 per cent from a year earlier to HK$133.4 billion (US$17.19 billion). That is the second-worst slump on record, after a drop of 25 per cent that followed the 2008 global financial crisis, according to data released by the Insurance Authority on Friday.Mainland Chinese –the biggest spenders on Hong Kong insurance…

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