25 April 2025
The Insurance Authority (IA) today (25 April 2025) released the provisional statistics for 2024, with total gross premiums reaching $637.8 billion.
Long term business
New office premiums (excluding Retirement Scheme business) of long term business were $219.8 billion (increased by 21.4%), mainly composed of $208.1 billion derived from Non-Linked individual business (increased by 22.8%) which can be broken down into participating business of $182.4 billion and other businesses of $25.7 billion, as well as $11.2 billion derived from Linked individual business (remained stable). Some 70,000 Qualifying Deferred Annuity Policies were issued that brought in $4.5 billion or 2.1% of the total premiums for individual business.
New business premiums derived from Mainland visitors totaled $62.8 billion (increased by 6.5%), making up 28.6% of total new office premiums for individual business. A majority of these policies were settled at regular intervals. Whole life, critical illness and medical policies accounted for about 59%, 28% and 5% of them respectively. The next set of data on Mainland visitors will be released together with provisional statistics for the first half of 2025.
Total revenue premiums of in-force business were $537.4 billion in 2024 (increased by 11.4%), mainly composed of $471.8 billion derived from Non-Linked individual business (increased by 11.2%), $24 billion derived from Linked business (increased by 1.8%) and $35.7 billion derived from Retirement Scheme business (increased by 22%). The total claims and benefits paid to policy holders amounted to $352.5 billion (increased by 6%)1.
General business
The total gross and net premiums of general business in 2024 were $100.5 billion and $69.7 billion respectively, against which total gross claims of $53 billion were paid. The overall operating profit was $8.1 billion, out of which $3.3 billion was underwriting profit.
On direct general business, gross and net premiums were $51.4 billion and $35.8 billion respectively, against which total gross claims of $28.1 billion were paid. The gross premiums generated by Accident & Health business, General Liability (comprising Employees’ Compensation) business, Property Damage business and Motor Vehicle business were $22.8 billion, $12.1 billion, $6.2 billion and $5.4 billion respectively. General Liability (comprising Employees’ Compensation) business and Property Damage business contributed most significantly to the overall underwriting profit of $1.2 billion, partly offset by losses incurred by Pecuniary Loss business and Accident & Health business.
On reinsurance inward business, gross and net premiums were $49 billion and $33.9 billion respectively, against which total gross claims of $25 billion were paid. The gross premium mainly came from Property Damage business, Accident & Health business and General Liability business. The overall underwriting profit was $2.1 billion, mainly attributable to Property Damage business.
Due to implementation of the Risk-based Capital regime on 1 July 2024, it is inappropriate to compare outturn of the general sector with corresponding figures published before. A summary of the provisional statistics is at Annex. Related information on assets and liabilities of the Hong Kong insurance market for 2024 is also available at the IA website.
Ends
Note:
1 Including lapsation/surrender benefits of $169.8 billion, as well as other claims and benefits of $182.6 billion.