On 25 July 2025, the Insurance Authority ("IA") released provisional statistics for the first quarter of 2025, showing total gross premiums of $220.3 billion, with significant growth in long term business. The document also covers general business, detailing gross and net premiums, claims, and operating profits.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On 25 July 2025, the Insurance Authority ("IA") published provisional statistics for the first quarter of 2025, with total gross premiums reaching $220.3 billion.
Long-term business reported $93.4 billion in new office premiums (excluding Retirement Scheme business), an increase of 43.1%. Contributing factors included Non-Linked individual business ($90.1 billion), participating business ($81.7 billion), other businesses ($8.3 billion), and Linked individual business ($3.2 billion). Additionally, 35,000 Qualifying Deferred Annuity Policies were issued, generating $2.2 billion or 2.4% of individual business premiums.
Total in-force business revenue premiums totaled $189.1 billion, reflecting a 31.1% increase. This includes Non-Linked individual business ($169 billion), Linked business ($6.2 billion), and Retirement Scheme business ($11.7 billion). Claims and benefits paid reached $94.3 billion, a 7.4% decrease. Separate statistics regarding Mainland visitors are pending a review of non-local policy holder data collection.
General business gross and net premiums stood at $31.2 billion and $20.6 billion respectively, with total gross claims of $12.2 billion. The overall operating profit was $2.7 billion, including an underwriting profit of $0.9 billion.
In direct general business, gross and net premiums were $17.1 billion and $11.3 billion respectively, with gross claims of $6.7 billion. Key business types included Accident & Health ($8 billion), General Liability ($3.3 billion), and Marine, Aviation, and Transport ($2.2 billion). The overall underwriting profit was $1.1 billion, mainly from General Liability, Pecuniary Loss, and Accident & Health businesses.
Reinsurance inward business reported gross and net premiums of $14.1 billion and $9.3 billion respectively, with total gross claims of $5.5 billion. Gross premiums were primarily from Property Damage, Accident & Health, and General Liability businesses, resulting in an overall underwriting loss of $0.2 billion, mostly from General Liability and Motor Vehicle businesses.
The implementation of the Risk-based Capital regime on 1 July 2024 precludes comparison of general sector figures with previous data. Summary of provisional statistics and information on assets and liabilities of the Hong Kong insurance market are available on the IA website.
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