FWD HK sees Q3’23 new business climb 25% YoY

It attributed its performance to their focus on the local market, coupled with proactive efforts to meet the demands of the Greater Bay Area.

FWD Hong Kong’s new business count leaped 25% year-on-year during the third quarter of 2023, surpassing the industry average of 15% YoY.

FWD attributed its performance to their focus on the local market, coupled with proactive efforts to meet the demands of the Greater Bay Area, which has fueled this success. With the return of Mainland Chinese Visitors (MCVs) to Hong Kong and Macau, FWD has capitalised on opportunities by diversifying its offerings, it said in a press statement.

New business sales from MCVs have surged by 83 times, outperforming the industry average of 69 times. FWD's medical products now command a substantial 24% market share in terms of new business case count.

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Emphasising its commitment to the Hong Kong market, FWD has experienced an 18% year-on-year increase in new business sales from local customers, exceeding the industry average growth of 13%. 

The insurer also said its multi-channel distribution strategy has yielded impressive results, with the tied agency force experiencing a net growth of 10% year-on-year—contrasting the industry's average decrease of 4%. Other distribution channels, such as brokerage and bancassurance, have also shown remarkable growth, with FWD leading in various categories.