Vacationers are shopping for high-speed practice ticket on the West Kowloon Station in Hong Kong on Jan. 10. (Xinhua/Wang Shen)

Hong Kong’s insurance coverage gross sales to Chinese language mainland customers have hit the pause button, following the shutting of town’s border with the mainland and the imposition of a compulsory two-week quarantine for anybody arriving from the mainland to keep away from the unfold of the novel coronavirus.

“A number of mainland shoppers deliberate to return to Hong Kong and purchase insurance coverage after the Lunar New 12 months, however due to the brand new virus, they’ve postponed their journeys,” an insurance coverage agent who works for a world-leading insurance coverage agency in Hong Kong informed the World Instances on Tuesday.

The agent, who solely gave her English identify as Vina, interned within the insurance coverage business and joined the insurer after graduating from a Hong Kong college in December. Coming from the mainland herself, Vina’s shoppers are principally from the mainland, which accounts for nearly one-fourth of the enterprise for Hong Kong’s insurance coverage business.

“The Hong Kong authorities has imposed a compulsory two-week quarantine interval until Might 7, and because of this, I’ve no shoppers until then,” Vina stated, noting that she is targeted on on-line insurance coverage advertising and marketing now.

A supervisor with an insurer in Hong Kong informed the World Instances that he has organized coaching and conferences for his subordinates until June 1. “My colleagues are all motivated and anticipating the reopening of the border,” he stated. He declined to present his identify.

As a result of outbreak of the virus, Hong Kong determined to close 4 ports with the mainland, together with Luohu port – one of many busiest land ports on the earth – resulting in Shenzhen, South China’s Guangdong Province, ranging from February 4.

The supervisor predicted the variety of mainlanders dashing to Hong Kong to purchase insurance coverage will rebound after die-out of the coronavirus, as “those that as soon as thought shopping for insurance coverage is pointless will come to know its significance.”

The influence on the long-term prospects of the business outweigh non permanent injury, he stated, noting that the height season for Hong Kong’s insurance coverage gross sales to the mainland is between October and December, particularly throughout the Nationwide Day holidays.

Amid violent social unrest in Hong Kong throughout the second half of 2019, Hong Kong’s insurance coverage gross sales to the mainland fell 28.eight quarter-on-quarter to HK$9.7 billion ($1.25 billion) within the third quarter, knowledge from Hong Kong’s Insurance coverage Authority confirmed.