Insurance
Sector Overview
Due to the ageing population and rising of mass affluent class, the demand for insurance products and financial planning has gone up significantly, contributing to the performing insurance industry. In 2020, total gross premiums achieved a year-on-year growth of 4.9%, amounting to HK$608.4 billion .
In respect of policies issued to Mainland visitors, new office premiums amounted to HK$6.8 billion, representing roughly 5.1% of the total new premiums for individual business in 2020.
Insurance business can be classified into long-term and general businesses. Individual life and annuity (linked and non-linked), group life, and retirement scheme are major long-term businesses which have high penetration in Hong Kong. The total amount of revenue premiums of long term in force business was HK$548.1 billion in 2020, representing a year-on-year growth of 4.5%.
Accident and health, and general liability constitute the majority of general insurance business. Motor vehicle, ships, property damage and pecuniary loss are also part of the industry. In 2020, gross premiums of general business recorded a year-on-year growth of 8.3% to HK$60.3 billion.
For more details about the Insurance Sector, please visit the website of The Insurance Authority: https://www.ia.org.hk/