Insurance Authority releases provisional statistics for 2024

On April 25, 2025, the Insurance Authority (IA) released provisional statistics for 2024, revealing total gross premiums of $637.8 billion. In the long-term business sector, new office premiums (excluding Retirement Scheme business) rose by 21.4% to $219.8 billion, with Non-Linked individual business contributing $208.1 billion, a 22.8% increase. Revenue premiums for in-force business totaled $537.4 billion, up 11.4%, with claims and benefits paid amounting to $352.5 billion, a 6% rise. In general business, gross premiums reached $100.5 billion, and net premiums were $69.7 billion, leading to an operating profit of $8.1 billion. The report highlights significant growth in both long-term and general insurance sectors, though comparisons with prior years are complicated due to the new Risk-based Capital regime implemented on July 1, 2024. Resources: https://www.ia.org.hk/en/infocenter/press_releases/20250425.html