Zhang Shuo, a Beijing-based agent of China Life Insurance Co Ltd, is concerned that customers are flocking to Hong Kong to buy insurance products.

"My business has been negatively affected as many of my high-end clients favor insurance products of Hong Kong," said Zhang. "They want to allocate their funds globally. They find insurance products of Hong Kong are more diversified and appealing."

Zhang said one of his clients just bought a medical insurance policy in Hong Kong that entails $50,000 in premium every year for five years. It is different from products available in the mainland, and covers imported drugs and overseas hospitals.