Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 34 Survey Findings Of how many insurers are you a customer? Global and regional insurers have been operating in Hong Kong for decades. The insurance market is competitive, with over 123,000 licensed insurance agents and brokers as of the first half of 2020. Many large employers in Hong Kong offer medical insurance to their employees. Individuals purchase their own medical insurance policies if the coverage offered by their employer is insufficient. They may also need other types of insurance, such as life, travel, car, and accident insurance. We asked the respondents the number of insurance companies they do business with. As indicated in Exhibit 13, most of the respondents purchased insurance from one to three insurers. In fact, 38.0% of the respondents replied they had purchased policies from two different insurance companies, while 28.0% had purchased from one insurer and 17.6% were customers of three insurance companies. Exhibit 13 Of how many insurers are you a customer?