Hong Kong insurance premiums jump 32.3% to $38b in Q1 2026

Long-term new office business reached $18.3b after a 51.1% annual increase.

Hong Kong's insurance market recorded strong growth in the first quarter of 2026 (Q1 2026), with total gross premiums rising 32.3% year-on-year (YoY) to $37.9b (HK$291.6b).

The increase was driven mainly by long-term insurance business, where new office premiums, excluding Retirement Scheme business, climbed 51.1% YoY to $18.3b (HK$141.1b), according to provisional figures released by the Insurance Authority.

Non-linked individual business accounted for $17.6b (HK$135.3b) of the total, up 50.2% YoY, including $16.3b (HK$125.7b) in participating business, which increased 53.7% YoY, and $1.3b (HK$9.7b) in other business, up 16% YoY. 

Linked individual business generated $0.7b (HK$5.7b) in new office premiums, rising 77.2% YoY.

Revenue premiums from in-force long-term business rose 35.6% YoY to $33.3b (HK$256.4b). 

General insurance business also posted growth, with gross premiums increasing 12.5% YoY to $4.6b (HK$35.2b). 

Reinsurance inward onshore business increased 28% YoY to $0.4b (HK$2.9b), and reinsurance inward offshore business climbed 21.6% YoY to $1.9b (HK$14.4b).

Net premiums for general business rose 12% YoY to $3.0b (HK$23.1b), whilst gross claims paid increased 15% YoY to $1.8b (HK$14.1b).

Reinsurance inward business recorded gross premiums of $2.2b (HK$17.3b), up 22.7% YoY, and net premiums of $1.5b (HK$11.3b), up 21.8% YoY.

The reinsurance inward segment returned to an underwriting profit of $0.0b (HK$0.3b), compared with a loss of $0.0b (HK$0.2b) in the same period a year earlier, helped by stronger performance in offshore Property Damage and offshore Motor Vehicle business.

At the end of Q1 2026, total assets under general insurance business stood at $45.7b (HK$351.9b), with net assets of $17.9b (HK$137.7b).

Insurers such as HSBC Life attributed their market share of 26.6% and 25.6% for both New Business Premiums and Annualised New Premiums to customer demand in wealth management tools.

“High-net-worth individuals (HNWIs) continue to be a key driver for demand in insurance, as they seek solutions that can simultaneously help grow, preserve and pass on wealth to future generations,” Daisy Tsang, HSBC Life CEO said in a statement.

“We’ve seen international customers taking out more high-sum-assured policies in Hong Kong as a result, and we expect this momentum to continue through the rest of the year against the backdrop of Hong Kong’s demonstrable growth and strong balance sheets,” Tsang added.

Meanwhile, AIA also said in a press statement that it led the market in terms of new business policies, number of in-force policies, annualised new premiums from Agency Channel, and more.

“These achievements are about far more than rankings. They reflect the trust that customers place in AIA to support them and their families at every stage of life,” said Alger Fuyng, AIA Hong Kong and Macau CEO, in a statement.

($1.00 = HK$7.84)