Hong Kong’s insurance sector could see 3% to 4% salary hikes in 2025

Hong Kong is expected to maintain steady hiring activity in 2025 despite sluggish economy.

The insurance industry in Hong Kong could expect salary increases at 3% to 4% for existing employees, whilst those changing employers could negotiate increases of up to 15%, a recent Randstad report said.

The insurance industry in Hong Kong is expected to maintain steady hiring activity in 2025 despite a sluggish economy.

Whilst headcount replacement remains a priority, new roles in distribution and operations are anticipated, with agency and partnership distribution channels driving growth.

In agency distribution, companies are seeking middle to senior managers with insurance experience, particularly for serving Mainland Chinese Visitor (MCV) clients. 

Assistant and junior manager roles in agency training are also in demand, with employers open to candidates with strong networks in mainland China and foundational insurance knowledge.

Partnership distribution teams, though smaller, are experiencing robust growth driven by new bancassurance partnerships. Insurers are recruiting talent with expertise in project management, digital marketing, and customer relationship management to enhance product offerings. 

High-net-worth (HNW) customers remain a key focus, leading to increased competition for talent from private banking and wealth management sectors.

Stricter regulations introduced by the Insurance Authority (IA), including licensing and due diligence requirements, are reshaping hiring trends. 

Companies are prioritising compliance professionals with insurance-specific expertise, reducing cross-sector talent movement. The industry is also accelerating digital transformation efforts, with a focus on claims, underwriting automation, and technology integration. 

This shift is driving demand for professionals skilled in project management, transformation initiatives, and data analytics.

Overall salary projections
Over a third (34%) of employers in Hong Kong plan to expand their workforce in 2025, whilst 54% aim to maintain current headcounts, reflecting cautious optimism as companies navigate economic uncertainties whilst optimising resources.

Hiring is expected to focus on specific areas, with 34% of employers planning to expand sales and business development teams, 22% targeting technology roles, and 16% prioritising digital transformation and artificial intelligence positions. 

These priorities underscore a shift towards automation and technological innovation in business operations.

Despite these hiring intentions, 62% of employers cite a lack of skilled talent as the primary obstacle. 

Rising salary expectations amidst tight budgets further compound recruitment challenges.

To address this, 30% of companies plan to increase salary budgets in 2025, offering higher compensation to candidates with in-demand skills.