HK insurers’ Q1 premiums mounts $22b in premiums

On a year-on-year basis, it climbed 12.2%.

The Hong Kong insurance industry’s first quarter 2024 (Q124) showed a 12.2% year-on-year (YoY) growth in total gross premiums to $21.47b (HK$165.1b) compared to the same period in 2023, data from the Hong Kong Insurance Authority (HKIA) showed.

For long-term business, total revenue premiums were $18.78b (HK$144.3b), up 14% YoY.

Of the total long-term business revenue, $16.84b (HK$130.3b) came from Individual Life and Annuity (Non-Linked) business (+18.8% YoY), $0.65b (HK$5b) from Individual Life and Annuity (Linked) business (-22.5%), and $0.88b (HK$6.8b) from Retirement Scheme business (-18%).

Total claims and benefits paid were $13.19b (HK$101.8b), up 29.6% YoY.

New office premiums (excluding Retirement Scheme business) were $8.49b (HK$65.3b) (+39% YoY), with $8.24b (HK$63.3b) from Individual Life and Annuity (Non-Linked) business (+45.5% YoY), and $0.23b (HK$1.8b) from Individual Life and Annuity (Linked) business (-46% YoY).

New business premiums from Mainland visitors were $2.03b (HK$15.6b), constituting 24% of total new office premiums for individual businesses, compared to 35.3% in Q4 2023.

Whole life, critical illness, and endowment insurance accounted for 59%, 30%, and 3% of the policies respectively.

In general business, gross premiums were $2.70b (HK$20.8b), up 0.9% YoY, with net premiums at $1.70b (HK$13.1b), up 5.3% YoY.

Gross claims paid were $1.09b (HK$8.4b), climbing 12.1% YoY. Underwriting profit doubled to $0.13b (HK$1b).

Direct business saw gross premiums of $1.98b (HK$15.3b), increasing 2.6% YoY, with net premiums at $1.34b (HK$10.3b), inching up 2.4% YoY.

Accident & Health business gross premiums were $0.90b (HK$6.9b), surging 12.4% YoY.

Property Damage and Motor Vehicles business reported gross premiums of $0.22b (HK$1.7b) (+6.7% YoY) and $0.18b (HK$1.4b) (+7.2% YoY) respectively. Pecuniary Loss business gross premiums were $0.07b (HK$0.5b), dipping 42.2% YoY.