The Hong Kong Insurance Authority published provisional market statistics for 2024, reporting total gross premiums of HKD 637.8 billion. The release highlights strong growth in long term new business and provides a detailed split of premiums, claims, profitability and key product lines across long term and general insurance. In long term business, new office premiums excluding Retirement Scheme business reached HKD 219.8 billion, up 21.4% year on year, driven mainly by Non-Linked individual business of HKD 208.1 billion, up 22.8%, including participating business of HKD 182.4 billion and other businesses of HKD 25.7 billion. Linked individual business contributed HKD 11.2 billion and was stable. Around 70,000 Qualifying Deferred Annuity Policies were issued, generating HKD 4.5 billion, or 2.1% of individual business premiums. New business premiums from Mainland visitors totalled HKD 62.8 billion, up 6.5%, representing 28.6% of total new office premiums for individual business, with most policies paid at regular intervals and concentrated in whole life, critical illness and medical policies at about 59%, 28% and 5% respectively. Total revenue premiums of in-force business were HKD 537.4 billion, up 11.4%, while total claims and benefits paid were HKD 352.5 billion, up 6%, including lapsation and surrender benefits of HKD 169.8 billion. In general business, gross and net premiums were HKD 100.5 billion and HKD 69.7 billion, with gross claims of HKD 53.0 billion and overall operating profit of HKD 8.1 billion, including underwriting profit of HKD 3.3 billion. The Insurance Authority noted that, following implementation of the Risk-based Capital regime on 1 July 2024, comparisons with general insurance figures published before that date are inappropriate. The next set of data on Mainland visitors will be released with the provisional statistics for the first half of 2025.

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