Insurance Authority releases provisional statistics of Hong Kong insurance industry in the first quarter of 2024

The Insurance Authority (IA) of Hong Kong has released provisional statistics for the insurance industry in the first quarter of 2024. Total gross premiums increased by 12.2% to $165.1 billion compared to the same period in 2023. In the long-term business sector, total revenue premiums rose 14% to $144.3 billion, driven by 18.8% growth in individual life and annuity (non-linked) business. New office premiums for long-term business increased by 39% to $65.3 billion. Mainland visitor-derived new business premiums accounted for 24% of the total, down from 35.3% in the previous quarter. In the general insurance sector, gross and net premiums increased by 0.9% and 5.3% respectively. Gross claims paid rose 12.1%, but overall underwriting profit doubled to $1 billion. Direct business underwriting profit increased 61.8%, benefiting from improved claims experience and reserve releases. Reinsurance inward business also saw a 225.2% jump in underwriting profit due to reduced net claims incurred ratio. The IA has provided detailed statistics on the industry’s performance in the first quarter of 2024. Resources: https://www.ia.org.hk/en/infocenter/press_releases/20240531_1.html