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Insurance Authority releases provisional business statistics for the first three quarters of 2024
20
Jan
Jan
On 17 January 2025, the Insurance Authority (IA) released provisional business statistics for the first three quarters of 2024, showing total gross premiums of $480.8 billion. In the long-term business sector, new office premiums reached $169.6 billion (up 15.7%), with $162 billion from Non-Linked individual business (up 18%) and $7.2 billion from Linked individual business (down 19.7%). Premiums from Mainland visitors dipped slightly by 0.4% to $46.6 billion. Total revenue premiums of in-force business rose 8.3% to $405.8 billion, while claims and benefits paid increased by 12.7% to $270.2 billion. For general business, gross premiums totaled $75 billion, with $38.4 billion in claims and an overall operating profit of $6.7 billion, driven by General Liability and Property Damage business. Reinsurance inward business recorded gross premiums of $35.5 billion but an underwriting loss of $0.3 billion. Following the introduction of the Risk-Based Capital regime in July 2024, reporting definitions and methodologies have changed, making direct year-on-year comparisons inappropriate. Full details are available on the IA website.
Resources: https://www.ia.org.hk/en/infocenter/press_releases/20250117.html