Insurance Authority calls for cross-sector collaboration to support Hong Kong’s ageing population
Hong Kong’s Insurance Authority says the insurance sector must work with the government and healthcare providers to tackle challenges from an ageing population. As the number of residents aged 65 or above is projected to reach 2.74 million by 2046, officials highlight the need for innovative long-te
The Insurance Authority (IA) of Hong Kong has called for closer collaboration between the insurance sector, the government, policymakers and healthcare providers to address the challenges posed by an ageing population. Speaking at the launch of Ageing Well Hong Kong 2026, a cross-border conference focused on health, wealth and technology, IA executive director Clement Lau described insurance as a supplementary layer of protection, akin to a roof on a house whose foundation is built by government and healthcare providers.
Lau noted that as people live longer, private health insurance has become limited in its ability to provide adequate healthcare and retirement protection. With persistent medical inflation intensifying the situation, he said the private market needs more long-term care products. “We do want to stimulate a virtuous circle where innovative products reach the protection gaps, wider consumer choices and provide genuine peace of mind for policyholders and their families,” he added.
Hong Kong’s population aged 65 or above is projected to reach 2.74 million by 2046, accounting for more than one third of the population. The government’s First Five-Year Plan and the Chief Executive’s 2026 Policy Address, unveiled last month, underscored a more proactive and strategic approach to tackling population ageing and the birth rate.
Deputy Chief Secretary for Administration Cheuk Wing-hing told the conference that the government had announced a report on ageing society strategies last month, including 73 strategic measures across 11 areas. These cover elderly residential care services, cross-boundary elderly care, elderly-friendly urban planning and design, elderly travel, and the silver economy, among others. Cheuk also highlighted the threat of digital scams, noting that to curb elderly exposure to fraudulent content, the Hong Kong police will launch a cyber-hygiene initiative in 2027 alongside tech and telecom operators, using artificial intelligence to proactively remove scam posts on social media.
Hong Kong has one of the world’s highest life expectancies, standing at 83.3 years for men and 88.7 years for women in 2025, according to the Census and Statistics Department. Mark Saunders, president of the Hong Kong Actuarial Society, said: “Our price is the longest life expectancy in the world, but we cannot truly celebrate yet because we have not yet worked out how we are going to pay for that price. A society that protects both the length of life and the cost of illness in old age will lead the world in aging well. We want that to be Hong Kong.”