2025.09.29 本文字数：3130，阅读时长大约5分钟 作者 |第一财经 王方然 "十一"黄金周前，香港尖沙咀海港城一如往年这个时候，人潮涌动。在这座汇集了全港多家保险机构网 点的地标里，拖着行李箱的内地访客穿梭于各大保险公司柜台前，签单、刷卡、投保……熟悉的场景年 复一年上演。 然而，与往年不同的是，一场深刻的行业变革正伴随着人流悄然进行。10月1日起，持牌保险经纪公司 向转介人支付的费用被划上"红线"——不得超过佣金总额的50%；而更深远的影响来自一项被业内称为 港版"报行合一"的改革：2026年起，分红险佣金支付周期将从首年集中支付调整为至少6年摊付。 监管利剑直指困扰行业多年的转介乱象。第一财经调查发现，在港险销售火爆背后，一条横跨两地的灰 色转介产业链日益猖獗。部分无牌转介人在内地揽客，并邀约至香港签单，部分保单首年佣金比例竟高 达90%。部分转介人向客户许诺高额返佣，这种畸形的商业模式不仅扭曲了市场竞争，更让"孤儿保 单"风险不断累积。 业内普遍认为，新规将从制度上压缩转介套利空间，过去依靠高额返佣肆意抢单的做法将难以为继。 转介费用不得超过佣金总额的50% "十一"长假来临，内地游客赴港投 ...

一段时间以来，因为"高收益""全球资产配置"等宣传标签，"买香港保险"吸引了很多热度。 近期，香港保险业监管局（简称"香港保监局"）针对保险中介高额转介费问题出台新规，意在整治此前存在的部分保险经纪公司将超过90%的佣金支付予 转介人的市场乱象。 自10月1日起，持牌保险经纪公司向转介人支付的转介费用基准水平被设定为不得超过佣金总额的50%。这一"红线"旨在限制经纪公司将大部分佣金转给 转介人的做法。 划定50%转介费"红线" "十一"长假来临，内地游客赴港投保或将迎来一波小高峰。据了解，新规选择10月1日的时间点也是因为长假期间内地游客赴港购买保险需求激增。 记者获悉，被加强监管的转介方式是一种传统的经营方式。在寻找客户的过程中，保险经纪接受第三方转介客户的情况并不罕见，这些第三方可以为经纪 的专业知识提供保证。 香港大型保险的业务经理何洲对记者表示，有些转介可能是以前使用过该经纪服务的客户的一次性转介。有些转介则可能是具有结构性安排的一环。比 如，某间并非从事保险的企业建立了自己的客户群，而客户群中的成员可能有需要购买保险。该企业便可以把客户转介给有关保险经纪，由该保险经纪提 供正确的建议并寻找合适的保险 ...

"未来机遇，现已抵港"。 恒生指数今年涨幅超过26%，涨幅位居全球前列。上半年港股共迎来44家公司新上市，总集资额达1094亿港元，超2024年上半年的八倍多，也是2021年以 来最强劲的半年度表现。 这一数字不仅刷新了自 2001 年香港保监局有数据记录以来的季度新高，单季规模更已接近 2024 年全年（2198 亿港元）的一半（占比约 42.5%），行业 增长势头强劲。 0 2016Q1 2017Q1 2018Q1 2019Q1 2020Q1 2021Q1 2022Q1 2023Q1 2024Q1 2025Q1 | 货币结构 #按新单总保费# 美元 港元 货币 81.8% 14.8% 结构 人民币 其他 2.4% 1 % #按新单总保费# 缴费期结构 | 整付 <5年 缴费期 50.2% 28.2% 结构 5<10年 10<25年 25年+ 19.4% 1.3% 10.9% |渠道结构 #按新单总保费# 银 行 代理 17% 渠道 4.5% 作为国际离岸金融中心，香港这颗"东方之珠"正在重现荣光。 9月买港险的N个理由 9月是一年最后三分之一的开始，对于一些行业更是关键月份，金九银十的比喻恰如其分。选择9 ...

日前，江苏省保险行业协会官微"江苏保险"发布信息显示，近一段时间来，因为"高收益""全球资产配 置"等宣传标签，"买香港保险"吸引了很多热度。然而，因法律体系、监管政策及产品设计存在本质差 异，跨境投保面临诸多风险。 续期缴费风险方面，长期期交保单可能存在因外汇支付政策变化导致无法缴纳续期保费的风险。 为保护金融消费者合法权益，江苏省保险行业协会建议广大金融消费者，如确有需求，请通过合法渠道 购买保险，切勿参与"地下保单"等违规交易，谨慎对待以"高收益"为卖点的投资型产品。 近些年来，香港凭借其高度开放且成熟的金融体系，吸引了众多内地居民赴港投保，香港保险业务规模 不断攀升。 然而，因法律体系、监管政策及产品设计存在本质差异，跨境投保面临诸多风险。 根据监管规定，任何公司推介、宣传、销售保险产品均需持有金融监督管理部门发放的保险许可证或保 险中介许可证。任何个人销售保险产品均应在其所属的保险公司或保险中介机构进行执业登记。持牌机 构、保险从业人员超出业务范围，宣传、推介、销售或组织安排购买境外保险机构产品，均属于违法违 规行为。 为保护金融消费者合法权益，江苏省保险行业协会发布风险提示称，境外保单不受我国境内 ...

Core Insights - The "High Talent Pass" program in Hong Kong has attracted over 220,000 individuals since its launch, with a significant drop in retention rates due to high competition and a challenging job market [2][3][11] - The insurance industry, in particular, has a high attrition rate, with 80% of new entrants failing to continue after the first year, leading to a perception of it being a "gamble" [1][8][11] - The median monthly salary for those who successfully renew their visas is approximately 40,000 HKD, with the highest earners making over 300,000 HKD [11][14] Group 1: Program Overview - The "High Talent Pass" was introduced to address talent shortages, targeting graduates from top global universities or individuals with high salaries [3][11] - As of July 2025, 13,678 individuals had their stay permits expire, with 46% opting not to apply for renewal [6][11] - The program has three categories for renewal, with varying success rates: A (77%), B (50%), and C (40%) [6][11] Group 2: Industry Challenges - The insurance sector has seen a rapid influx of talent, but many struggle to achieve sales targets, leading to high turnover [8][9][11] - New entrants often face significant challenges in establishing a client base, with many failing to make sales in their first months [8][9] - High living costs in Hong Kong, including expensive housing, further complicate the situation for new talent [10][11] Group 3: Economic Impact - The "High Talent Pass" program is expected to contribute approximately 34 billion HKD annually to Hong Kong's economy, representing about 1.2% of the local GDP [14] - The government plans to continue the program while optimizing its details to better align with local needs and labor market conditions [14]

各方观点来看，美联储9月降息大概是"板上钉钉"。 美联储决定要不要降息，主要看通胀和就业数据。 从7月的数据来看，美国通胀还算稳住（7月CPI同比上涨2.7%），但是就业数据崩塌（7月失业率升至4.2%，创下近3年新低），意味着美国老百姓当前的 消费较弱。 作者 | 雅宁 考虑全球资产配置的，该行动了！ 这里的全球资产配置，指的是香港保险。 今年6月的香港保险投保热潮过后，原以为市场会冷清一段时间，没想到，8月热度依旧不减！ 而在9月18日之前，香港保险将迎来又一个黄金配置期。 为什么这么说？ 因为美联储9月大概率会开启新一轮降息。 最新数据显示，9月降息25个基点的概率为84.6%。 美国向来是消费立国，老百姓没工作手里就没钱，消费起不来，经济增长面临压力，所以这种时候就需要美联储降息来刺激经济。 上周三，美国财政部长贝森特"大胆开麦"，如果美联储是在5月或6月份看到修正过后的就业数据，可能他们当时就启动降息了，因此9月份降息50个基点 的概率非常大。此话一出，美联储降息的预测概率已经飙升至100%。 那么，美联储降息对配置香港保险有什么影响呢？ 1、降息会影响港险的优惠政策。 香港采取的是联系汇率制度，只 ...

Core Insights - The average per capita savings of Chinese residents reached 128,000 yuan by mid-2025, marking an 8.3% increase from the end of 2024, reflecting the resilience of the Chinese economy and highlighting wealth management disparities among different groups [1] Group 1: Regional Disparities - Beijing, Shanghai, and Zhejiang have the highest per capita savings at 286,000 yuan, 269,000 yuan, and 224,000 yuan respectively, driven by developed financial industries and vibrant private economies [2] - Guangdong, despite having the largest economic output, ranks fifth with a per capita savings of 147,000 yuan, attributed to a large number of migrant workers [2] - Central and western provinces generally fall below the national average, with Gansu and Guizhou showing per capita savings in the range of 70,000 to 80,000 yuan, indicating significant regional development imbalances [2] Group 2: Generational Differences - The 35-45 age group has an average savings of 182,000 yuan, significantly higher than other age groups, aligning with the lifecycle theory as they face multiple financial responsibilities [5] - The 90s generation has an average savings of 93,000 yuan, with 20% of young individuals having savings below 10,000 yuan, influenced by changing consumption patterns and mortgage pressures [5] - Individuals aged 60 and above have an average savings of 156,000 yuan, showing a growing awareness of retirement savings [5] Group 3: Occupational Disparities - Financial industry workers lead with an average savings of 231,000 yuan, followed by IT service professionals at 198,000 yuan, while traditional manufacturing workers average 82,000 yuan [8] - Service industry workers generally have savings around 60,000 yuan, reflecting income disparities driven by industrial structure upgrades and skill premium effects [8] - The rise of freelancers during the pandemic shows a split, with about 35% achieving excess savings, while nearly half have savings below 50,000 yuan [8] Group 4: Wealth Management Trends - Although demand deposits still account for 55% of total savings, the proportion of large time deposits and structured deposits has increased by 6 percentage points, indicating a growing awareness of wealth management [10] - 67% of families have adopted the "4321" asset allocation rule, a 22 percentage point increase since 2020, although 38% still keep over 70% of their assets in banks, reflecting concerns about market volatility [10] Group 5: Financial Health Assessment - Economists argue that measuring financial health solely by savings amounts is limited, as property net worth constitutes 62% of total household assets, with debt levels showing a "high in the east, low in the west" pattern [12] - Shanghai households have an average debt ratio of 56%, while central and western households have lower debt ratios but weaker risk management capabilities [12] - A new assessment standard suggesting "liquid assets covering six months of expenses" is recommended for a more accurate reflection of financial resilience [12] Group 6: Wealth Management Recommendations - For families below the savings benchmark, experts suggest a tiered improvement plan, including establishing an emergency fund covering 3-6 months of expenses, prioritizing debt repayment for high-interest loans, diversifying income sources, and utilizing AI investment tools for dynamic asset management [14] Group 7: Emerging Savings Trends - Approximately 27% of the 90s generation employs "goal-based saving," setting up dedicated accounts for specific objectives like home purchases or studying abroad [16] - 45% of middle-class families have allocated assets across borders, with Hong Kong insurance and US ETF investments becoming popular choices, indicating a shift towards global asset allocation [16] - The data on savings serves as both an economic indicator and a reflection of social development, with future policy discussions likely focusing on reducing savings disparities through tax reforms and social security improvements [16]

21世纪经济报道记者 叶麦穗 近期香港保险市场因分红险演示利率下调而引发市场广泛关注，为了锁定 高收益，不少内地居民"打飞的"专程赴港签单，部分中介也借机营销， 带火了一波香港保险购买潮。 但是火热背后，也充满了风险，7月30日，河北金融监管局关于购买境外保险的风险提示称，近期境外 保险产品热度上升，但其中暗藏诸多风险。持牌机构、保险从业人员超出业务范围，宣传、推介、销售 或组织安排购买境外保险机构产品，均属于违法违规行为。 赴港投保热情升温 河北金融监管局提醒广大金融消费者，境外保单不受我国境内法律保护，投保境外保险产品存在汇率或 外汇政策变化、保单收益不确定、理赔成本高、维权难度大等诸多风险，消费者应高度警惕，谨慎对 待。 "如确有需求，请通过合法渠道购买保险，切勿参与'地下保单'等违规交易，谨慎对待以'高收益'为卖点 的投资型产品。"河北金融监管局强调。 2025年以来，这一趋势继续加码。据香港保险业监管局公布的数据，今年一季度全港新造保单保费达 934亿港元，同比增长43.1%，创下2001年以来的季度新高。 不过，内地访客新造保单统计情况并未公布。对此，香港保监局表示，该局正全面检视非本地保单持有 ...

Core Insights - The Hong Kong insurance market is experiencing significant growth, with new business premiums reaching 93.4 billion HKD in Q1 2025, a 43.1% increase from 65.2 billion HKD in Q1 2024, marking the highest quarterly premium since data was first published in 2001 [1] - The surge in premiums is partly driven by mainland visitors, whose new policy premiums amounted to 62.8 billion HKD in 2024, a 6.5% year-on-year increase, accounting for 28.6% of total new business premiums [1] - A recent policy adjustment by the Hong Kong Insurance Authority, which lowers the demonstration interest rate cap for dividend insurance policies, has led to a "last train" effect, prompting a rush of policyholders to purchase insurance before the changes take effect [2] Market Dynamics - The Hong Kong insurance market remains attractive to mainland financial consumers due to its diverse offerings, with a notable increase in insurance purchases expected in the first half of 2025 [2] - The adjustment of the demonstration interest rate cap aims to regulate market practices and protect consumer rights, but it has inadvertently spurred a surge in insurance purchases [2] - The competitive landscape has led some insurers to adopt overly optimistic return predictions, which may mislead consumers regarding the actual risks and returns associated with their policies [2] Risks and Challenges - There are significant legal and financial risks for mainland residents purchasing insurance in Hong Kong, including differences in legal frameworks, currency exchange risks, and the uncertainty of non-guaranteed returns on dividend insurance products [3] - The Hong Kong Insurance Authority has issued warnings to mainland visitors regarding the risks of purchasing insurance, emphasizing the importance of understanding product features and regulatory frameworks [4] - The issue of "underground policies" poses additional risks, as these illegal sales practices can lead to invalid contracts and potential financial losses for consumers [5][6] Regulatory Environment - The Hong Kong Insurance Authority mandates that mainland residents must complete insurance policy signings within Hong Kong to ensure compliance with local laws, and any agreements made outside of this framework are deemed invalid [5] - Regulatory bodies in mainland China are actively monitoring and addressing the issue of underground policies, with specific measures to investigate and curb illegal cross-border insurance activities [7]

Core Viewpoint - The surge in demand for Hong Kong insurance products among mainland visitors is leading to a rise in illegal "underground policies," prompting regulatory warnings about the associated risks [1][4][5]. Regulatory Environment - The Hebei Financial Regulatory Bureau issued a risk alert on July 30, highlighting the illegal promotion and sale of overseas insurance products, including those from Hong Kong, which are not protected by mainland laws [3][4]. - The alert emphasizes that consumers should be cautious and avoid participating in illegal transactions, particularly those promising high returns [4][9]. Market Dynamics - The trend of mainland residents purchasing insurance in Hong Kong has been ongoing, with new premium income from mainland visitors reaching HKD 628 billion in 2024, a 6.5% increase year-on-year [6]. - The appeal of Hong Kong insurance products is attributed to higher historical returns and broader coverage compared to domestic options, driven by the disparity in interest rates between the US dollar and the Chinese yuan [6][7]. Sales Practices - A complete industry chain has emerged around the illegal sale of Hong Kong insurance, involving various channels such as "insurance salons" and high-yield promotional content [3][4]. - High commission rates for Hong Kong insurance products, which can reach 70%-100% in the first year, incentivize agents to engage in illegal sales practices [7][9]. Consumer Risks - Consumers face significant risks when purchasing overseas insurance, including potential invalidation of policies bought through illegal channels and difficulties in claims due to jurisdictional issues [9][10]. - The complexity of Hong Kong insurance contracts, often in traditional Chinese and English, poses additional challenges for mainland customers in understanding terms and conditions [10][12]. Recommendations for Consumers - Industry experts recommend that consumers verify the qualifications of sales personnel and institutions before purchasing insurance, ensuring compliance with legal channels [11][12]. - Consumers should be aware of the potential for misleading sales tactics and the importance of understanding the risks associated with high-yield insurance products [12][13].