Why wealthy individuals prefer Hong Kong insurance policies for inheritances
Insurance policies were becoming a popular choice for wealthy individuals in Asia, including the Greater Bay Area, for estate planning to avoid family disputes and achieve stable growth, according to industry players.
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Canadian insurer Manulife, the largest pension provider in Hong Kong, has seen growing demand for insurance products for legacy and succession-planning purposes, according to Patrick Graham, the CEO for Hong Kong and Macau.
Nearly 60 per cent of high-net-worth individuals (HNWIs) in mainland China, Hong Kong, Macau and Taiwan preferred insurance policies to transfer their wealth to future generations, according to a joint survey released by Manulife and Deloitte last week.
The study was based on interviews and surveys conducted in the second half of 2024 with 140 HNWIs, each with at least HK$7.8 million (US$1 million) worth of assets in those markets.
Patrick Graham, CEO of Manulife Hong Kong and Macau, says Hong Kong is an ideal hub for wealthy individuals to buy policies to transfer their wealth to their families. Photo: May Tse
'The primary motivation behind this trend is preventing inheritance disputes,' Graham said.
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