, Hong Kong
320 view s
/Konstantin Planinski from Unsplash

Hong Kong’s insurance premiums dip in 2023

Its long-term business witnessed a contraction, whilst its general segment registered growth.

Hong Kong’s insurance sector saw its total gross premiums inch down 1.1% year-on-year (YoY) to HK$549.7b in 2023, according to Hong Kong’s Insurance Authority (IA).

The market’s life or long-term business segment accumulated total revenue premiums worth HK$482.4b, down 1.8% YoY,  mainly driven by a decrease in Retirement Scheme business. Total claims and benefits paid to policyholders increased by 11.6% YoY to HK$332.4b.

For non-life or general business, total gross premiums increased by 4.1% YoY to HK$67.3b, with gross premiums of Accident & Health business rising by 13.2% YoY due to increased demand for travel insurance and group medical business.

ALSO READ: Hong Kong’s top 50 insurers experience 7.7% YoY premium contraction in 2022

Direct business generated an overall underwriting profit of HK$0.1b, a significant decrease compared to the previous year, mainly due to negative performance in Accident & Health business and Property Damage business.

Reinsurance inward business saw an increase in gross and net premiums by 3.1%  YoY to HK$18.1b and 0.2% YoY to HK$8.9b, primarily from Property Damage and Accident & Health business, but overall underwriting profit declined due to a rise in net claims incurred ratio.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!