The Hong Kong general insurance industry is set to grow at a compound annual growth rate (CAGR) of 6.3% from HK$67.0bn ($8.6bn) in 2024 to HK$85.6bn ($10.9 bn) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.
New business premiums generated from mainland Chinese visitors (MCVs) to Hong Kong dropped by 18.9% in the fourth quarter of 2023 to HK$12.1bn, compared to the third quarter of last year, according to data from the Hong Kong Insurance Authority (IA).
AIA's Hong Kong business outpaced that of mainland China in 2023 to become the largest contributor to the group's value of new business (VONB) in 2023 as the territory captured the very strong demand of mainland Chinese visitors (MCVs) following the full resumption of normal cross-border travel in February 2023.
Hong Kong-headquartered pan-Asia insurance group, FWD Group Holdings, has announced its financial results for the year ended 31 December 2023 which show that the value of new business jumped by 22% to $991m, compared to 2022.
A new survey of small and medium-sized enterprises (SMEs) in Hong Kong has revealed that while the overall sentiment is upbeat, SMEs remain mindful of the challenges ahead.
The Insurance Authority (IA) has released provisional statistics of the Hong Kong insurance industry for 2023, showing a decrease of total gross premiums by 1.1% to HK$549.7bn ($70.3bn) over 2022.
A woman who falsely claimed that she had been seriously injured in a traffic accident and lost the ability to work, has been convicted for attempted insurance fraud by the district court, according to the Hong Kong Federation of Insurers (HKFI). She attempted to defraud the insurance company of HK$5.4m ($927,824).
The Hong Kong Federation of Insurers (HKFI) has officially rolled out the Insurance Industry Climate Charter (Climate Charter).
Prudential Hong Kong Limited has announced a new partnership with Shenzhen New Frontier United Family Hospital (UFH) to introduce a medical expenses direct billing service for its customers.
The Hong Kong government will earmark HK$100m ($12.78m) to promote the sustainable development of financial services i the territory, according to Financial Secretary, Mr Paul Chan.