On November 17, 2022, Sunwising Insurance Brokerage (Hong Kong) Limited formally signed an Insurance Brokerage Agreement with AIA International Limited.
Hong Kong is one of the most developed insurance markets globally, ranking first in Asia in insurance density (premiums per capita) and first globally in insurance penetration (premiums as a percentage of GDP). In 2019, Hong Kong's life insurance penetration reached 19.2%, while property insurance penetration stood at 1.6%. Despite this maturity, there remains a significant protection gap. According to the Hong Kong Insurance Authority's "Death Risk Protection Gap" study, the total protection gap for death risks in Hong Kong reached HK$6.9 trillion in 2019, averaging HK$1.9 million per working adult, equivalent to 5.7 times their weighted average annual salary. Additionally, the population aged 65 and above is projected to nearly double in the next two decades, posing significant challenges to Hong Kong's public healthcare and welfare systems.
Recognizing this opportunity, Sunwising Hong Kong has strategically expanded into the life insurance sector. After establishing partnerships with leading insurers like Fortis Insurance, FWD Life, and AXA, Sunwising Hong Kong has now entered into a brokerage agreement with AIA. Established in 1919, AIA is the largest independent publicly-listed pan-Asian life insurance group, serving over 39 million individual policyholders and 16 million group insurance members across 18 markets. In 2021 alone, AIA paid out over US$16 billion in claims and benefits. With a presence in Hong Kong since 1931, AIA Hong Kong leads the market with over 3.4 million customers and a solvency ratio of 399% in 2021.
