Hong Kong's insurance industry recorded strong growth in the first quarter of 2026, with total gross premiums reaching HK$291.6bn ($37.4bn), a 32.3% increase year on year, according to provisional statistics released by the Insurance Authority (IA) on 24 July.
Growth was mainly driven by long-term business, which recorded significant increases in both new policy sales and premiums from existing policies.
Long-term business generated HK$141.1bn in new office premiums, up 51.1% from a year earlier. Non-Linked individual business accounted for the majority of new premiums at HK$135.3bn, rising 50.2%, with participating business contributing HK$125.7bn. Linked individual business also recorded strong growth, increasing 77.2% to HK$5.7bn. Around 28,000 Qualifying Deferred Annuity Policies were issued during the quarter, contributing HK$1.8bn in premiums. Total revenue premiums from in-force long-term business reached HK$256.4bn, while claims and benefits paid totalled HK$92.3bn.
In the general insurance sector, total gross premiums rose 12.5% to HK$35.2bn. Direct insurance business contributed HK$17.8bn in gross premiums, led by onshore Accident & Health insurance, which generated HK$8.4bn. Reinsurance inward business increased 22.7% to HK$17.3bn, supported by growth in offshore Property Damage, Accident & Health, and Motor Vehicle insurance. The sector paid HK$14.1bn in gross claims, while overall operating profit increased 56.1% to HK$4.1bn.
As of 31 March 2026, total assets under Hong Kong’s long-term insurance business stood at HK$5.5tn, while general insurance assets reached HK$351.9bn.