The Hong Kong Insurance Authority (IA) has released its provisional business statistics for the first nine months of 2024, reporting total gross premiums of HK$480.8 billion.
Long-term business new office premiums, excluding those from retirement schemes, totalled HK$169.6 billion, an increase of 15.7% compared to the same period in 2023.
Non-linked individual business accounted for the majority, reaching HK$162 billion, an 18% rise. This segment included HK$141.4 billion from participating business and HK$20.7 billion from other categories. Linked individual business, however, saw a 19.7% decline, with new premiums amounting to HK$7.2 billion.
Approximately 58,000 qualifying deferred annuity policies were issued during the period, contributing HK$3.7 billion, or 2.2%, to the overall individual business premium total.
Premiums from Mainland Chinese visitors declined slightly by 0.4% year-on-year to HK$46.6 billion, representing 27.6% of total new office premiums in the individual business category.
Whole life, critical illness, and medical policies were the most common types purchased, comprising 59%, 28%, and 5%, respectively. To better align with seasonal travel patterns, the IA will shift to semi-annual reporting of Mainland visitor-related data starting in the first quarter of 2025.
Revenue premiums from in-force long-term business rose 8.3% to HK$405.8 billion. Non-linked individual policies accounted for HK$358.4 billion of this figure, an increase of 8.7%.
Revenue from linked business decreased 7.5% to HK$16.8 billion, while retirement scheme business premiums climbed 14% to HK$25.5 billion. Claims and benefits paid to policyholders increased by 12.7% to HK$270.2 billion.
For general insurance, gross premiums reached HK$75 billion, while net premiums stood at HK$51.7 billion. Claims paid during the period totalled HK$38.4 billion. The sector recorded an operating profit of HK$6.7 billion and an underwriting profit of HK$2.2 billion.
Direct general business contributed HK$39.5 billion in gross premiums, with accident & health policies making up HK$18 billion, including HK$15.5 billion from medical coverage and HK$1.5 billion from travel insurance.
Other significant contributions included HK$9.4 billion from general liability, HK$5.1 billion from property damage, and HK$4.2 billion from motor vehicle business. Gross claims for direct general business totalled HK$19.8 billion, with an underwriting profit of HK$2.5 billion, driven by favourable results in general liability, pecuniary loss, and property damage.
In reinsurance inward business, gross premiums reached HK$35.5 billion, and net premiums amounted to HK$23.9 billion. Gross claims totalled HK$18.6 billion, resulting in an underwriting loss of HK$0.3 billion. Property damage, accident & health, and general liability were the primary contributors to reinsurance inward business activity.
Following the introduction of the Risk-Based Capital regime on July 1, 2024, insurers have shifted to reporting underwriting results on a financial-year basis, with updated reporting definitions. Offshore general insurance data has also been included, making direct comparisons with past figures unreliable.