The best insurance companies in Hong Kong

Know your options and make the right choices

There’s never been a more important time to consider insurance for yourself and your family. With Covid-19 still a real concern in the community, there’s even more reasons to dive in and navigate the plethora of options that are available. One thing you should know right from the start is that insurance in Hong Kong can be tricky at the best of times. It’s an ultra-competitive industry with options that can leave you bewildered and quickly out of pocket. But insurance, be it medical, home, personal accident, income protection, life insurance or critical illness is well worth having, if only for peace of mind in today’s increasingly complex world.

Do your homework

It will come as no great shock that healthcare in Hong Kong is among the most competitive industries in town. The likes of HSBC, AIA, FWD, Cigna, Bupa, AXA, Zurich, Manulife and Prudential are just some of the many options around for families. Depending on what level of coverage you are looking for, pricing can range wildly. The types of insurance packages that are available would also vary. Our number one tip is to do your homework, understand the finer details or talk to a broker to get the best information.

Read more: Your guide to choosing health insurance in Hong Kong

What’s out there?

There’s no shortage of options, but it’s critical that you decide early what’s best for you and your family. You don’t want to get yourself locked into an expensive insurance package filled with things you don’t need. In the past year demand for health and life insurance has surged. We hear demand has become so great that some of the bigger international groups have sold out of their key life insurance packages and won’t take new customers. 

Medical insurance

Expensive medical treatment due to illnesses or hospitalisation can have a disastrous impact on your financial resources. Medical insurance can save you from this. Unlike, the US where healthcare costs are high and health insurance is extremely beneficial, Hong Kong gives us the option of a much cheaper and reliable government system. Yes, private health coverage will give you access to some of the most stunning hospital rooms in the world. On the other hand though, private hospitals often rely quite heavily on the public system, especially for emergencies. 

Covid-19 coverage 

As the coronavirus pandemic took hold, insurers across Hong Kong stepped up to offer a range of protections. Most of them are free for existing customers. FWD has one of the cheaper year-round protection packages at just $147 and includes up to $1,000 daily cash benefit in case you are diagnosed with Covid-19 and subsequently hospitalised. AXA offers a 24-hour customer service hotline as part of its offering, which also comes with a travel cancellation element. Cigna will cover you for up to $10,000 over three months if you are hospitalised. 

Wealth accumulation

One of the more interesting facets of insurance in Hong Kong is that many will offer aggressive savings and wealth accumulation plans as part of their offering. Whether you are saving for your child’s education or building wealth for retirement, the likes of Manulife, HSBC, AIA and Zurich offer attractive, stable and sometimes lifetime guaranteed interest rates.

Read more: 5 minutes with Alliance Insurance Services’ Jenny Chan

Pre-Existing conditions 

Unfortunately, most insurers in Hong Kong will discriminate against pre-existing conditions. Some may ask for medical history going back as far as seven years. Others require more. If you’ve been sick you might find yourself on a waiting list for two years until your coverage is approved. In worst-case scenarios, you may not be insurable at all.

Tracking and monitoring

Like many industries, insurance is moving with the times. Understanding customer data has become a top priority for the insurance industry giants. Many will now offer incentives and rewards for customers who take good care of themselves. Some, like ManulifeMOVE and the newly-launched HSBC Live Well+ will offer additional benefits to those of you who go one step further and track your fitness, sleeping patterns, how you eat and the number of calories you burn. So if synching your insurance plan to personal data is cool, then there’s options around. Welcome to the age of data collection.