Blue Cross premiums surge 22.1% YoY in 2024

The insurer’s non-medical business grew by 31.7%.

Blue Cross (Asia-Pacific) Insurance Limited’s preliminary gross written premiums for 2024 surged 22.1% year-on-year (YoY).

The insurer’s non-medical business grew by 31.7%, supported by gains in travel and personal accident, employees' compensation, general liability, and motor vehicle insurance.

This performance stood in contrast to the overall market, which saw a 0.9% decline in non-medical premiums.

Travel and personal accident insurance posted the highest growth amongst Blue Cross's lines, with a 36.7% increase in premiums, outperforming the market’s 20.1% growth in the same segment. 

Medical insurance also expanded, with a 19.1% rise in premiums.

“We will continue to enhance our products and services catered to the needs and pain points of customers, ensuring the right protection at the right time for the right budget,” Blue Cross CEO Bonnie Tse said in a press release.