Insurers cater to Hong Kong’s ageing population

August 16 2016 by InsuranceAsia News Staff

Hong Kong has the longest average human lifespan and some insurers are catering to this ageing population.

The average lifespan for women in Hong Kong is 87.32 years, while local men average 81.24 years. Both are considered the highest averages worldwide.

Japanese women took second place at 87.05 years, according to Japan’s health and welfare ministry, while Icelandic and Swiss men shared the second position in the men’s category at 81 years.

With more Hong Kong people living longer, insurance products covering the risks of living to a ripe old age have recently seen a surge in demand.

Among the major insurers that have responded to the needs of its ageing clients are MassMutual, AIA, FWD and BOC Life.

These firms used to offer coverage to clients up to 100 years old, but have now raised the yardstick up to 120 years old.