On August 30, 2024, the Insurance Authority (IA) released provisional statistics for Hong Kong’s insurance industry for the first half of 2024. Gross premiums rose by 5.1% to $310.9 billion compared to the same period in 2023. Long-term business premiums increased by 5.5% to $273 billion, driven by growth in Individual Life and Annuity (Non-Linked) business, while premiums from Individual Life and Annuity (Linked) decreased. Claims and benefits paid rose by 18.2% to $183.6 billion. New office premiums for long-term business grew by 12.3%, though new business from Mainland visitors fell by 6.9%. In general business, gross premiums increased by 2.4% to $37.9 billion, with underwriting profit improving by 33.9%. Direct business saw a significant rise in Accident & Health and other areas, while reinsurance inward business faced a decline in underwriting profit.
Resources: https://www.ia.org.hk/en/infocenter/press_releases/20240830.html