Do insurance premiums qualify as eligible transactions to accrue air miles with this card? which other cards will be suited for accruing air miles for insurance premium?

Not likely to qualify unless the card specifically says that it does.

As for overseas spending eligibility, I am not sure.

I'm not sure for this specific card, but most credit cards do not count insurance premiums under their rewards systems.

However, Citibank had a promotion that if you paid a monthly premium for 3 months, you could get some $50 cashback. (Unfortunately I paid my insurance annually).

Usually you can see this in the terms and conditions. As to whether it will be counted if you use your HK credit card, I suggest you call the bank to find out!