By Roxanne Libatique
The Insurance Authority (IA) of Hong Kong has released provisional statistics for the territory’s insurance sector for the first three quarters of 2025, showing higher premiums across long term and general business. The figures, published on Jan. 23, follow an earlier data release for the first half of 2025. Total gross premiums for the first nine months of 2025 reached HK$637 billion, up 32.5% from the same period in 2024.
Long term business accounted for most of the market’s premium volume. New office premiums for long term business, excluding retirement scheme business, were HK$264.5 billion in the first three quarters, a year-on-year increase of 55.9%. Non‑linked individual business represented the bulk of new office premiums. It generated HK$251.5 billion, up 55.2% from a year earlier. Within this segment, participating business contributed HK$226.3 billion, while other non‑linked individual business made up HK$25.2 billion. Linked individual business wrote HK$12.7 billion in new office premiums over the same period, an increase of 75.7%.
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Demand for qualifying deferred annuity products remained evident in the figures. About 50,000 Qualifying Deferred Annuity Policies were issued in the first three quarters of 2025, contributing HK$3.2 billion, or 1.2%, of total premiums for individual business. Total revenue premiums of in‑force long term business were HK$554.1 billion, up 36.6% year on year. Of this, non‑linked individual business accounted for HK$488.2 billion, linked individual business HK$21.5 billion, and retirement scheme business HK$39 billion. Claims and benefits paid under long term contracts totalled HK$279.4 billion, 3.4% higher than a year earlier. As at Sept. 30, 2025, total assets relating to long term business stood at HK$5,284.1 billion, while net assets were HK$731.7 billion.
In general business, total gross premiums for the first three quarters of 2025 reached HK$82.9 billion, an increase of 10.5% from the prior-year period. Net premiums were HK$56 billion, up 8.3%. Gross claims paid under general business amounted to HK$38 billion, down 0.9% year on year. Overall operating profit for general business was HK$10.1 billion, of which HK$3.5 billion came from underwriting profit. Both measures were higher than those reported for the same period in 2024.
Direct general business reported gross premiums of HK$44.2 billion and net premiums of HK$30.4 billion, increases of 11.9% and 9.1%, respectively. Gross claims paid in direct business totalled HK$21 billion, 5.9% more than a year earlier. Onshore accident and health business accounted for the largest share of direct premiums, contributing HK$19.4 billion and rising 11.3% year on year. Overall underwriting profit from direct business was HK$3.2 billion. Within that, the accident and health line moved from a loss of HK$0.4 billion in the prior-year period to a profit of HK$0.5 billion.
Reinsurance inward business remained a significant part of the Hong Kong market. Gross premiums in this segment reached HK$38.7 billion in the first three quarters of 2025, up 9% year on year, while net premiums increased 7.3% to HK$25.6 billion. Gross claims paid on reinsurance inward business were HK$17.1 billion, a decline of 8.2%. Premium growth in reinsurance inward business was mainly associated with offshore property damage and motor vehicle business. Offshore property damage premiums rose 10.8%, while motor vehicle premiums increased 14.2%. Overall underwriting profit for reinsurance inward business was HK$0.3 billion, supported by reserve releases in offshore property damage business. As at Sept. 30, 2025, total assets for general business stood at HK$335.5 billion, with net assets of HK$135.1 billion.
The latest figures follow the IA’s provisional statistics for the first half of 2025, released on Oct. 24, 2025, which reported total gross premiums of HK$423.4 billion. For the first six months of 2025, new office premiums for long term business (excluding retirement scheme business) totalled HK$173.7 billion, 50% higher than a year earlier. Non‑linked individual business contributed HK$166.6 billion, while linked individual business wrote HK$6.9 billion. Around 44,000 Qualifying Deferred Annuity Policies were issued in the first half, adding HK$2.8 billion, or 1.6%, to total individual business premiums. Total revenue premiums of in‑force long term business in the first half of 2025 were HK$365 billion. Non‑linked individual contracts accounted for HK$321.8 billion, linked individual contracts HK$12.7 billion, and retirement scheme business HK$26.7 billion. Claims and benefits paid during the first half amounted to HK$191.9 billion.
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In general business for the first half, gross premiums were HK$58.4 billion and net premiums HK$39.9 billion, with gross claims of HK$25.6 billion. Overall operating profit was HK$6.5 billion, including underwriting profit of HK$1.6 billion. Direct general business in the first half generated gross premiums of HK$30.7 billion and net premiums of HK$21 billion, with HK$13.8 billion in gross claims. Accident and health, general liability (including employees’ compensation), and property damage were the main premium sources. Underwriting profit of HK$1.4 billion from direct business was partly offset by losses in pecuniary loss business.
Reinsurance inward business in the first half of 2025 recorded gross premiums of HK$27.7 billion and net premiums of HK$18.9 billion, mainly from property damage, accident and health, and general liability. Gross claims paid were HK$11.8 billion, and underwriting profit was HK$0.2 billion, supported by property damage but offset in part by general liability and motor vehicle losses. The IA stated that, following the implementation of Hong Kong’s risk-based capital regime on July 1, 2024, it is “inappropriate to compare outturn of the general sector with corresponding figures published before.”