Blue Cross: Last year, gross premiums for home insurance business increased by 40% year-on-year, and a survey shows that 70% of Hong Kong residents recognize the importance of home insurance

The CEO of Blue Cross, Xie Peilan, stated that the overall gross premium increased by 14.2% year-on-year last year, with non-medical insurance business rising by 25.3% year-on-year, medical insurance business increasing by 10.4% year-on-year, and home insurance business growing by 40% year-on-year.

In addition, a "Hong Kong Home Insurance Survey" conducted by Blue Cross in February found that over 70% of respondents recognized the importance of home insurance, yet nearly 60% have not purchased it; the awareness of protection among tenants is particularly weak, with over 80% not having purchased home insurance.

The survey results showed that over 70% (71.5%) of respondents expressed greater concern about the risks of home accidents compared to last year, and over 70% (71.1%) acknowledged the importance of home insurance. However, nearly 60% (57.6%) have not purchased home insurance, and close to 80% (77.7%) have not purchased fire insurance.

The survey found that Hong Kong citizens generally feel worried about home incidents such as fires, third-party claims, typhoons, black rain, and leaks, but often do not take action for various reasons. Different groups have varying attitudes towards home insurance, with tenants showing the weakest awareness of protection; over 80% (81%) of tenants have not purchased home insurance, and nearly 60% (56.7%) of homeowners have also not insured.

The survey pointed out that nearly 40% (36.5%) of respondents from Generation Z listed "unclear coverage" as the main reason for not having insurance, reflecting a significant knowledge gap regarding insurance among Generation Z