Hong Kong general insurance market to hit $10.9b by 2029

Personal accident and health insurance is expected to remain the largest segment.

The general insurance market in Hong Kong is projected to grow at a compound annual growth rate (CAGR) of 5.1%, from $8.9b in 2025 to $10.9b in 2029, according to GlobalData.

The 2025 estimate reflects a year-on-year growth rate of 4.7%.

“The growth of the general insurance industry in Hong Kong (China SAR) is supported by rising demand for personal accident and health insurance from local and non-local customers, including mainland Chinese residents, the unpredictability of climate events, and the increasing demand for cyber insurance,” Swarup Kumar Sahoo, Senior Insurance analyst at GlobalData, said in a report.

Personal accident and health (PA&H) insurance is expected to remain the largest segment, accounting for 34.7% of gross written premium (GWP) in 2025. 

Growth is being driven by demand from non-local customers, especially from Mainland China, the Middle East, and Southeast Asia. 

Connectivity with the Greater Bay Area and dual-currency policies in HKD and USD are further supporting this trend. 

To meet increasing non-local demand, the Insurance Authority plans to issue Arabic-language educational materials by Q2 2025.

Property insurance will be the second-largest segment, with a projected 22.2% share of GWP in 2025. 

After growing 9.1% in 2024, it is forecast to rise by 7.5% in 2025. 

The market is responding to increased frequency of typhoons and floods, with insurers tightening underwriting practices and developing climate-responsive products such as parametric insurance. 

Government investment in infrastructure is also expected to support continued growth.

Liability insurance is set to contribute 22.1% of the GWP in 2025, growing at a CAGR of 3.4% from 2025 to 2029. 

Growth in this segment is largely driven by demand for cyber insurance, as small and medium-sized enterprises seek protection against digital threats and move to comply with data privacy regulations.

Other segments, including motor, financial lines, and marine, aviation, and transit, will account for the remaining 21.6% of the market in 2025.

According to GlobalData, growth prospects remain closely tied to trends in China, particularly demographic shifts such as population ageing. 

“Furthermore, the growing demand for property and cyber insurance will enhance market penetration in the coming years,” Sahoo said. “However, the expected reciprocal tariff from the US will change the dynamics and is expected to emerge as a threat to insurers’ profitability,”