Tighter rules on mainlanders who buy insurance overseas hasn’t dampened their enthusiasm for the product, especially among those who believe yuan depreciation will continue, according to Caixin. Premiums paid by mainlanders to insurance companies in Hong Kong in the first half of 2016 more than doubled from the same period last year. This comes as the yuan has fallen nearly 0.8% in the past month against the Hong Kong dollar, which is pegged to the US dollar. New gross premiums paid to Hong Kong insurers by mainlanders jumped to US $3.9 billion for the first half of this year, up 117% from the same period last year. Premiums from mainlanders represented 36.9% of the total new gross premiums for individual business in the city.
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