HK's insurance stocks take a hit

Shares retreat after UnionPay tightens up on payment system for products sold in sector

Insurance companies' shares fell in Hong Kong on Monday, after mainland's biggest bank card provider Unionpay tightened up on payments for Hong Kong insurance products over the weekend.

Major players AIA Group Ltd and Prudential Plc fell 4.77 percent and 2.8 percent respectively in Hong Kong at the close of trading on Monday.