Greater Bay Area Expansion: Ping An Insurance's New Services for Hong Kong Residents

Greater Bay Area Initiatives by Ping An Insurance

Ping An Insurance (Group), the largest insurer in mainland China by market capitalisation, has set its sights on Hong Kong residents moving to the Greater Bay Area. This major initiative aims to provide essential services like medical and car insurance, targeting the rising number of retirees from Hong Kong opting for a life in cities such as Shenzhen and Guangzhou.

Growing Opportunities in the Silver Hair Economy

The potential of the silver hair economy, referring to the growing population of elderly individuals, cannot be overstated. With 1.68 million individuals aged 65 and above residing in Hong Kong, and millions more anticipated on the mainland, Ping An is determined to tap into this lucrative market.

• Partnerships with Leading Hospitals: Ping An has collaborated with top hospitals, ensuring access to quality healthcare.
• Home-Based Senior Care: The firm offers senior care services to policyholders.
• One-Stop Car Insurance Policy: Ping An also marketed a new car insurance package for seamless cross-border travel.

Michael Guo Xiaotao, Co-CEO of Ping An, noted that there is increasing curiosity among Hongkongers about the availability of healthcare and senior care services within the Greater Bay Area. As retirement trends shift, these services will play a crucial role in their living arrangements.

Looking Ahead: Integrated Services

Anticipating robust growth in insurance and healthcare, Ping An remains focused on enhancing service delivery. The company's net profit rose by 6.8% to 74.62 billion yuan (US$10.5 billion) in the first half of the year, indicating a strong market performance. As cross-border traffic continues to rise, so does the opportunity for innovations in insurance products adapted for both Hong Kong and mainland China.