On 25 April 2025, the Insurance Authority ("IA") released provisional statistics for 2024, showing total gross premiums of $637.8 billion. The long term business increased by 21.4%, with significant growth in non-linked individual business. Total revenue premiums for in-force business reached $537.4 billion, and total claims and benefits paid to policyholders amounted to $352.5 billion. General business gross and net premiums were $100.5 billion and $69.7 billion, respectively, with total gross claims of $53 billion paid. The overall operating profit was $8.1 billion, with underwriting profit of $3.3 billion.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On April 25, 2025, the Insurance Authority ("IA") released the provisional statistics for 2024, indicating a significant increase in total gross premiums to $637.8 billion. Notably, long term business new office premiums (excluding Retirement Scheme business) reached $219.8 billion, an increase of 21.4%. The majority of this increase, $208.1 billion, was derived from Non-Linked individual business, which saw a 22.8% rise.
The $182.4 billion in participating business and $25.7 billion in other businesses also contributed to the total, with $11.2 billion from Linked individual business remaining stable. Additionally, 70,000 Qualifying Deferred Annuity Policies were issued, bringing in $4.5 billion or 2.1% of the total premiums for individual business.
New business premiums from Mainland visitors totaled $62.8 billion, a 6.5% increase, making up 28.6% of the total new office premiums for individual business. The next update on Mainland visitor data will be released alongside the provisional statistics for the first half of 2025.
In-force business totaled $537.4 billion, an 11.4% increase over 2023. This was primarily driven by Non-Linked individual business, which accounted for $471.8 billion of the increase, along with a 22% rise in Retirement Scheme business to $35.7 billion. The total claims and benefits paid amounted to $352.5 billion, reflecting a 6% increase.
The gross and net premiums for general business totaled $100.5 billion and $69.7 billion, respectively, with total gross claims paid at $53 billion. The overall operating profit was $8.1 billion, with underwriting profit contributing $3.3 billion. Accident & Health business, General Liability (including Employees’ Compensation), Property Damage, and Motor Vehicle business each showed notable premiums of $22.8 billion, $12.1 billion, $6.2 billion, and $5.4 billion, respectively.
The general sector's underwriting profit of $1.2 billion was primarily supported by General Liability and Property Damage businesses, while losses were partially offset by Pecuniary Loss and Accident & Health businesses. Reinsurance inward business exhibited gross and net premiums of $49 billion and $33.9 billion, with total gross claims paid at $25 billion, resulting in an underwriting profit of $2.1 billion, largely attributed to Property Damage business.
The implementation of the Risk-based Capital regime on July 1, 2024, renders comparative analysis with earlier figures inappropriate. Detailed summary of the provisional statistics is available in Annex, and additional information on assets and liabilities within the Hong Kong insurance market for 2024 can be found on the IA website.
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