Life insurance sales in Hong Kong rose 50.6% to a record US$42.2 billion last year, driven by affluent customers seeking wealth transfer, protection and medical coverage. Paul Murray, CEO of Swiss Re’s life and health business, attributed the growth to more wealthy individuals establishing family offices in the city. Hong Kong’s lack of estate duty and tax incentives for single family offices since 2023 have drawn high-net-worth families.
Life insurance sales in Hong Kong surged 50.6% to a record US$42.2 billion in new policies last year, capturing both onshore and offshore demand across Asia, according to the HSBC Life CEO.
Affluent customers have continued buying policies in the city for wealth transfer, protection and medical needs. Paul Murray, CEO of Swiss Re’s life and health business, said the continuous growth in recent years stems from more wealthy people setting up family offices and using insurance to pass wealth to the next generation.
Hong Kong imposes no estate duty and has offered tax incentives for single family offices since 2023, factors Murray cited as attracting wealthy families. A study by the Hong Kong Institute for Monetary and Financial Research shows more than 3,380 single-family offices operating in the city as of the end of 2025, an increase of about 680 over the past two years.
“The rise of millionaires in Hong Kong led to an increase in family offices because of its friendly jurisdiction, rule of law and low-tax regime,” Murray said. “They found Hong Kong to be an ideal location for succession planning, and that led to increased sales of insurance policies.”