According to Lawrence Lam, CEO of Prudential Hong Kong, the insurance company processed more than 2,200 cross-border hospital claims in the first half of this year. Such claims accounted for 30% of the total, from 26% the previous year.
The Greater Bay Area is a project launched in Beijing in 2019, consolidating nine mainland cities in Hong Kong, Macau and Guangdong, southern China, into economic powers. Many Hong Kong people are currently resigning and choosing to medically retire in the Bay Area. However, Lamb said this trend is not one-way.
“Many mainland also likes to come to Hong Kong and get treatment from famous hospitals in the city,” he said.
In the second quarter Prudential survey, 76% of mainland respondents were scheduled to visit Hong Kong within the next 12 months. Of these, 55% planned to purchase serious illness insurance while in the city, 40% planned to receive medical coverage, and 45% planned to purchase savings products.
“The findings showed that the mainland is in strong demand to acquire health-related insurance products in Hong Kong,” Lamb said. “We will provide more medical products to meet their needs.”
