The total gross premiums of insurers in Hong Kong saw a 10% increase in 2024, according to data released by the territory's Insurance Authority on 5 December.
Data shows that total gross premiums for the year were HK$635.2?bn ($81.6?bn), up from HK$573.2?bn in 2023. For 2024, long term business premiums stood at HK$537.4?bn, while general business GWP was $97.8?bn, a slight decline of 0.6% when compared to 2023.
The IA noted that this decrease in general business premiums was mainly due to the reporting scope applied in these statistics, as the 2024 figures reflect only those insurers whose financial year ended between 1 July 2024 and 31 December 2024. Otherwise, overall underwriting profit reached HK$2.64bn in 2024, an increase from HK$1.97bn in 2023.
Total revenue premiums for in-force long term business were HK$537.2bn, continued to be dominated by the individual life category which contributed HK$459.1bn or 85.4% of the total. The number of policies in this category was 14.5m, carrying onshore direct current estimate (gross of reinsurance ceded) of HK$2,549.1bn.
On the other hand, the total office premiums for new individual life business was HK$206.9bn in 2024, including HK$195.7bn from individual life non-linked business and HK$11.2bn from Linked business. The total number of individual life new policies were around 990,000 in 2024. Office premiums for new non-retirement scheme group business were HK$0.5bn. Meanwhile, office premiums for new individual Annuity business were HK$12.4bn. In 2024, around 70,000 QDAPs were sold, contributing total annualised premiums amounting to HK$4.5bn.
Insurance density for long-term business in 2024 stood at HK$71,422 per capita, with general business at HK$12,997. Insurance penetration also increased for long term business, rising to 16.9% in 2024 from 15.9% in 2023. For general business, insurance penetration fell to 3.1% in 2024 from 3.3% in 2023.