By Roxanne Libatique
A recent consumer survey by Blue Cross (Asia-Pacific) Insurance Limited has highlighted a gap between rising concern over household risks and actual take-up of home insurance in Hong Kong, even as analysts forecast continued growth in the territory’s property insurance segment over the coming years.
The “Hong Kong Home Insurance Survey,” conducted by Blue Cross in February 2026, found that 71.5% of respondents are more worried about home accident risks than they were a year earlier. A similar proportion, 71.1%, said they view home insurance as important. However, more than half of those who recognise the need for protection have not bought a policy. Among respondents who said home insurance is important, 57.6% reported that they remain uninsured. Fire insurance penetration is even lower, with 77.7% saying they do not hold fire insurance.
According to Blue Cross, the data suggests that many consumers recognise the risks but do not act on that concern. Some underestimate the potential financial impact of an incident, while others are unsure how to choose an appropriate level of cover. Bonnie Tse, chief executive officer of Blue Cross, said the findings point to knowledge and affordability constraints. “The survey reveals a clear gap between awareness and action on home insurance – primarily due to insufficient knowledge of coverage, concerns about premiums, and an inability to identify their protection needs,” Tse said.
The survey indicates that tenants are among the least protected groups. Blue Cross reported that 81% of tenants surveyed do not have home insurance, often because they believe they have limited possessions. “Many tenants assume that without valuable items at home, insurance is unnecessary. In fact, home insurance covers not only household items, but also interior decorations and even items kept in mini-storage facilities,” said Sylvia Chow, director of marketing at Blue Cross.
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Homeowners also show gaps in cover. According to the survey, 56.7% of owner-occupiers do not hold a home insurance policy. Some rely solely on building insurance arranged by owners’ corporations, while others confuse fire insurance with broader home contents and liability cover. Blue Cross found that understanding of home insurance is particularly limited among younger consumers. Chow said product clarity is a bigger issue than price in this segment. “For Gen Z, it’s worth noting that the main barrier to purchasing home insurance is not premium cost, but a lack of understanding. Nearly 40% (36.5%) of this younger group cited ‘unclear coverage’ as their reason for not buying, highlighting a considerable knowledge gap among younger generations,” she said.
The survey suggests that many respondents are unaware of the scope of cover available under typical home insurance plans. More than half did not know that policies may pay for pet injury or death and alternative accommodation following an insured event. Similar proportions were unaware that liability linked to parking spaces or electric vehicle chargers can be insured, or that contents kept in mini‑storage facilities can be included.
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Behavioural factors also influence buying decisions. Nearly one-quarter of respondents (23.8%) acknowledged an optimism bias, saying they believe “It won’t happen to me.” Some respondents only reconsidered their lack of cover after suffering a loss, according to Blue Cross. “We hope Blue Cross can demonstrate the true value of home insurance – providing immediate support in the face of unexpected situations, helping customers cope with urgent needs, and easing both financial and emotional burdens,” Tse said. She added that 68.6% of respondents agreed that purchasing home insurance offers peace of mind and urged households to review their needs proactively.
The survey comes as external forecasts point to growth in the Hong Kong (China SAR) property insurance sector. Market intelligence firm GlobalData projects that the property insurance industry in Hong Kong will grow at a compound annual growth rate of 7.5% between 2026 and 2030. Direct written premium is expected to increase from HKD7 billion (US$894.3 million) in 2026 to HKD9.3 billion (US$1.2 billion) by 2030.
GlobalData estimates that the segment will grow by 8.7% in 2026, supported by the incidence of catastrophic events, fire safety regulatory changes, and product development. The firm expects property lines to grow faster than the overall general insurance market, which it forecasts to record a 6.3% CAGR over the same period.