Hong Kong Insurance 2024 H1 data is out, with the ranking of Hong Kong insurance companies!

Hong Kong Insurance 2024 first-half figures are out!

The Hong Kong Insurance Authority (HKIA) released figures for the first half of the year, with the total premiums for new individual policies in Hong Kong reaching as high asHK$115.9 billioncompared to HK$103 billion in the same period in 2023, year-on-yearUp 12.3%(math.) genusA record high!

Among them, Mainland visitors taking out insurance in Hong KongHK$29.7 billion, the heat continues!

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Mainland visitors added $29.7 billion in new premiums

Mainland visitors in the first half of 2024Total amount insured in Hong KongachievedHK$29.7 billionthe Yuan or Mongol dynasty (1279-1368), down slightly from $31.9 billion in the same period in 2023, but the overall impact was not significant.

Of this, HK$15.6 billion was insured in the first quarter and HK$14.1 billion in the second quarter, a decrease of 9.6% from the previous year.

In the overall market, premiums written by Mainland visitors in the first half of the year accounted for the total new premiums written in Hong Kong (HK$115.9 billion) of 25.71 TP3T, accounting for more than a quarter of the total. This shows that theMainland visitors have made significant contributions to the Hong Kong insurance market.02

Highly sought-after insurance for mainland visitors

Premiums for new business from Mainland visitors are mainly driven by thewhole life insurancecap (a poem)Critical Illness Benefitdriven by strong demand for the two main types of insurance.

Source: Hong Kong Insurance Authority

Based on the number of new policies created:

Whole life and critical illness protection accounted for a high percentage of the overall business of approximately90%, of which whole life insurance dominates with a share of 59.11 TP3T, while critical illness protection accounts for 29.41 TP3T.

Statistics in terms of premiums for newly created policies:

Whole life insurance made the largest contribution to premiums, accounting for as much as79.7%Percentage of premium contribution from savings insurance12.1%While critical illness cover accounts for2.7%The

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Hong Kong Insurance Company Rankings

1️⃣ Gross Premium Income Ranking

In terms of total premium income, the top five insurers (non-banks) wereAmerican International Group (AIG), insurance company,macro (computing),prudential,fullback (defense)cap (a poem)China Life (bank). These companies owe their leadership position to their strong brand presence, broad product lines and excellent customer service.

2️⃣ Standard Premium Income Rankings

The top five insurers (non-banks), ranked by standard premium income (Lump Sum*10% + annualized premiums) areAIA, Prudential, China Life, Sun Lifeup tomacro (computing). This ranking reflects the strong performance of these companies in providing long-term protection and savings products.

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Future outlook of the Hong Kong insurance market

1️⃣ The Importance of Diversified Asset Allocation

With the increasing uncertainty in the global economy, the importance of diversified asset allocation has become increasingly prominent. The underlying assets of Hong Kong's insurance market are mainly bonds, with the currency dominated by the US dollar, and the investment strategy is laid out globally, which effectively diversifies the risk of a single currency and protects the steady growth of wealth.

2️⃣ The Role of Hong Kong Insurance 

As an international financial center, Hong Kong provides quality financial products and services to clients worldwide. Hong Kong insurance plays a vital role in meeting the insurance needs of mainland visitors and customers from other regions.

Analyzing the above data in a comprehensive manner, it can be concluded unequivocally that Hong Kong's insurance industry performed extremely well in the first half of 2024. In particular, savings and participating insurance products, with theirWith a high dividend yield of over 7% compounded over the long term as well as superior security, theIt has won wide recognition and favor in the market.

Looking ahead to the second half of 2024, there is good reason to believe that theHong Kong insurance industryWill maintain its strong trendand is on track to achieve even greater excellence.

If you are interested in Hong Kong insurance, please feel free to enquire!