Pent-up travel demand from years of pandemic restrictions led to a surge in travel amongst Hong Kongers during the holiday season, significantly increasing the demand for travel insurance. For instance, in December 2023, 1.32 million Hong Kong residents traveled, with a notable trend of longer trip durations, indicating a desire for more immersive experiences after prolonged travel limitations, according to Jim Qin, CEO of General Insurance at Zurich Insurance (Hong Kong). This rise in travel contributed to a highly competitive and dynamic travel insurance market, with substantial growth driven by consumer awareness of travel risks and a demand for quality coverage.
"This suggested that people were willing to take extended vacations, possibly due to the desire for a more immersive travel experience after being deprived of travel opportunities for an extended period,” Qin told Insurance Asia.
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