Major insurers in Hong Kong increased their number of agents to boost sales and offset the lost income from mainland Chinese visitors, reported the South China Morning Post.
The number of insurance sales agents reached a record high of 129,939 in May as companies shifted its focus on domestic business. The biggest city insurer, AIA, plans to employ 6,000 more sales agents by the end of this year.
Insurers are forced to rely more heavily on domestic sales due to COVID-19 travel restrictions which drastically decreased the number of mainland visitors who would purchase insurance products in Hong Kong, one of their main revenue drivers. Mainland visitors in the city spent 98% less than usual in the first quarter.