The Hong Kong Insurance Authority has released provisional business statistics for the first three quarters of 2024, reporting total gross premiums of HKD 480.8 billion. New office premiums in long-term business excluding Retirement Scheme business increased 15.7% to HKD 169.6 billion, while general insurance recorded gross premiums of HKD 75.0 billion and underwriting profit of HKD 2.2 billion. Non-linked individual business accounted for HKD 162.0 billion of long-term new office premiums, including HKD 141.4 billion in participating business, while linked individual business fell 19.7% to HKD 7.2 billion. Some 58,000 Qualifying Deferred Annuity Policies were issued, generating HKD 3.7 billion or 2.2% of individual business premiums. New business premiums from Mainland visitors dipped 0.4% to HKD 46.6 billion, representing 27.6% of individual new office premiums, with whole life, critical illness and medical policies comprising about 59%, 28% and 5% respectively. In-force long-term revenue premiums rose 8.3% to HKD 405.8 billion and claims and benefits paid totalled HKD 270.2 billion, including HKD 128.8 billion in lapsation and surrender benefits. For general insurance, direct business recorded gross premiums of HKD 39.5 billion and gross claims of HKD 19.8 billion, while inward reinsurance recorded gross premiums of HKD 35.5 billion and gross claims of HKD 18.6 billion. The IA noted that following implementation of the Risk-based Capital regime on 1 July 2024, new regulatory returns and modified definitions mean some data are only partially covered, underwriting performance is reported on a financial-year basis, and an offshore business element has been added for general insurance, making year-on-year comparisons with prior publications inappropriate. From the first quarter of 2025, the IA will release Mainland visitor-related business statistics on a semi-annual rather than quarterly basis.

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