Hong Kong insurance premiums hit $28.6b in Q1 2025

This was driven by robust growth in both long-term and general insurance business.

Hong Kong’s insurance sector reported a strong start to 2025, with total gross premiums reaching $28.6b (HK$220.3b) in the first quarter (Q1 2025), driven by robust growth in both long-term and general insurance business, data from the Hong Kong Insurance Authority (HKIA) revealed.

In the long-term insurance segment, new office premiums excluding retirement scheme business reached $12.1b (HK$93.4b), up 43.1% year-on-year.

Total revenue premiums for in-force long-term business rose 31.1% to $24.6b (HK$189.1b).

The IA noted that statistics on non-local policyholders, including Mainland Chinese visitors, will not be published during an ongoing review of data collection practices.

In general insurance, total gross premiums stood at $4.1b (HK$31.2b) whilst net premiums reached $2.7b (HK$20.6b).

Gross claims paid amounted to $1.6b (HK$12.2b), and the sector recorded an overall operating profit of $351m (HK$2.7b), including $117m (HK$0.9b) in underwriting profit.

Reinsurance inward business recorded $1.8b (HK$14.1b) in gross premiums and $1.2b (HK$9.3b) in net premiums.

Gross claims paid amounted to $715m (HK$5.5b). The segment posted an underwriting loss of $26m (HK$0.2b), largely due to losses in General Liability and Motor Vehicle business.

The IA stated that comparisons with past general insurance results are not appropriate due to the Risk-based Capital regime implemented on 1 July 2024.

($1.00 = HK$7.85)