Hong Kong life insurance crowds out health and P&C

Life made up $89.3b of the market in 2025 against $3.8b for P&C.

Hong Kong’s insurance market remains heavily driven by life insurance, with 93.2% of the total insurance sector dominated by it.

According to Allianz Research’s Global Insurance Report 2026, it estimated Hong Kong’s total insurance premiums at $95.8b (EUR82.6b) in 2025.

Life insurance accounted for $89.3b (EUR77.0b), far ahead of property and casualty insurance at $3.8b (EUR3.3b) and health insurance at $2.7b (EUR2.3b).

Hong Kong also recorded the highest insurance penetration among the selected Asian markets in the report. Total premiums were equal to 22.6% of GDP in 2025.

Life insurance alone accounted for 21.1% of GDP, whilst property and casualty insurance stood at 0.9% and health insurance at 0.6%.

Spending per person also shows how concentrated the market is in life insurance. Hong Kong’s insurance density reached $12,942 (EUR11,157) per person in 2025.

Of that, $12,077 (EUR10,411) came from life insurance, compared with $512 (EUR441) for property and casualty insurance and $354 (EUR305) for health insurance.

The report expects Hong Kong’s insurance market to keep growing over the next decade, but at a slower pace than some emerging Asian markets.

Allianz Research projects life insurance premiums to rise from $89.3b (EUR77.0b) in 2025 to $156.7b (EUR135.1b) by 2036. 

Property and casualty premiums are expected to increase to $5.9b (EUR5.1b), whilst health insurance premiums are forecast to reach $4.9b (EUR4.2b).

For 2026 to 2036, Allianz Research forecasts average annual growth of 5.2% for Hong Kong’s life insurance market, 4.1% for property and casualty insurance and 5.9% for health insurance. 

Over the previous decade, from 2015 to 2025, the respective growth rates were 8.2%, 2.3% and 6.8%.

($1.00 = EUR0.86)