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The Market

As at 30 June 2019, there were 162 authorized insurers in Hong Kong, of which 92 were pure general insurers, 50 were pure long term insurers and the remaining 20 were composite insurers.

According to the statistics as at 30 June 2019 provided by the Insurance Agents Registration Board (“IARB”), there were 2,395 insurance agencies, 73,277 individual agents and 25,525 responsible officers/technical representatives registered with the IARB.

There were 807 authorized insurance brokers as at 30 June 2019.  All of them are members of the two approved bodies of insurance brokers, namely The Hong Kong Confederation of Insurance Brokers and Professional Insurance Brokers Association.  In addition, there were 10,012 persons registered as chief executives/technical representatives of these authorized brokers as at 30 June 2019.

In 2018, the total gross premiums of the Hong Kong insurance industry increased by 5.2% to $514.5 billion.