Hong Kong new individual life business gross premiums increased by 39.8% to HK$179.1 bn (£17.3bn, $22.9bn, €19.5bn) in 2016, according to the latest statistics.
Premiums for individual life non-linked business shot up by HK$55bn (47.2%) to HK$173.4bn.
In stark contrast, linked business dropped by 44.6% to HK$5.7bn.
The shift has likely been triggered by fresh requirements for product development and marketing, client information standards, pre- and post-sales processes and managing expectations.
The total number of new life policies increased by 8.5% to 1,267,560 in 2016.
Eliminated commission
The guidance eliminated indemnity commission on both investment-linked assurance schemes (Ilas) and long-term insurance products.
The figures are the first from the Hong Kong Insurance Authority (IA). It replaces the Office of the Commissioners of Insurance (OCI) and will extend its authority to include financial advisers within the next two years.
In 2016, the total gross premiums for life and general insurance in Hong Kong increased by 20.7% to $451.7bn.
