HONG KONG: Most Employers Say They Seek to Increase Insurance Benefits for Employees

In this iPMI Global regional country update, international private medical insurance (iPMI) market analyst Ian Youngman, looks at news that most employers in Hong Kong are seeking to increase insurance benefits for employees.

• A new report "Asia Employee Benefits Report" launched by the Chartered Institute of Personnel and Development (CIPD) in partnership with life insurer AIA, looks at health benefits.
• The report summarises the findings of a survey of 409 respondents in Asia, predominantly HR practitioners, in Singapore and Hong Kong, and explores current and future employee insurance and non-insurance benefits, and the strategies and policies implemented in organisations.
• The vast majority (69%) of companies in Hong Kong will look to add or enhance at least some of their insurance benefits for employees in the next two years.
• A quarter of companies (23%) in Hong Kong plan to add or enhance critical illness insurance in the next two years.
• The same proportion (23%) are also looking at hospitalisation and surgical insurance as a future priority, 31% highlighted life/accident insurance.
• 63% of Hong Kong employers currently offer outpatient insurance versus only 52% across all markets covered in the study.
• Health and wellbeing benefits are the most commonly provided among the non-insurance offerings (57%), but only 9% of Hong Kong employers are currently offering telemedicine consultation.
• In terms of non-insurance benefits, more than half of employers in Hong Kong plan to review their health and wellbeing benefits (52%), and a quarter are looking to add or improve flexible/voluntary benefits (25%).

About the Author

Ian Youngman is an independent writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports, and undertakes research for companies. To read his latest report, International Health Insurance 2023, please click here, or visit the REPORTS section of iPMI Global.