1 in 2 Hong Kongers said they have ‘no spare money’ for insurance

This is despite 80% saying they understood the importance of insurance.

Having ‘no spare money' was the top reason 50% of Hong Kongers for not buying critical illness, life, and personal accident insurance, a survey by the digital insurer Blue revealed.

This was followed by 22% who thought these insurance products were too complicated to understand.

Meanwhile, over 80% of the survey respondents understood the importance of critical illness, life and personal accident protection. In addition, 71% of the respondents showed their interest in buying a 3-in-1 insurance plan that covers critical illness, life and personal accident protection all at once, mainly due to “no need to manage policies separately” (47%), followed by it being “cheaper than purchasing three policies individually” (36%) and that “the plan is more flexible” (32%).

The survey also revealed that for households with a monthly income of less than HK$20k ($2.55k, the median of monthly spending on insurance could reach HK$2,100 ($267.65) if they own life, critical illness and personal accident insurance.
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The survey, commissioned with ESDlife, was conducted in May 2022, covering 352 Hong Kong residents aged 25 to 54.