Hong Kong Insurance 2024 First Three Quarters data is out: Mainland visitors to Hong Kong to insure up to 46.6 billion!

Recently, the Hong Kong Insurance Authority (HKIA) released provisional business statistics for the first three quarters of 2024: in the first three quarters of 2024, theMainland visitors to Hong Kong to take out HK$46.6 billion in insurance premiums, up 21% YoY!

HK$169.6 billion of total new premiums written in Hong Kong, another all-time high!

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Hong Kong's new policy premiums hit record highs

Mainland visitors added $46.6 billion in new premiums

First three quarters of 2024.Hong Kong-wide new premiums were HK$169.6 billion, compared to HK$146.3 billion for the same period in 2023, a year-over-year increase ofUp 16%.

In the first three quarters of 2024, Mainland visitors took out HK$46.6 billion of insurance in Hong Kong.

Of this, HK$15.6 billion was insured in the first quarter, HK$14.1 billion in the second quarter and HK$17 billion in the third quarter, an increase of 21% YoY.

Premiums written by Mainland visitors, accounting for HK$169.6 billion of all new premiums written in Hong Kong.27.5%(math.) genusOne-third of the total.

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Whole Life and Critical Illness Protection

strong demand

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.

According to statistics on the number of new policieswhole life insurancetogether withCritical Illness BenefitAs a percentage of the overall business, up to about87.3%, of which whole life insurance dominates with a share of 59.01 TP3T, while critical illness protection accounts for about 28.31 TP3T.

From a new policy premium perspective.whole life insuranceThe largest contribution to premiums was made by the80.06%, savings insurance contributed 11.661 TP3T of premiums, investment-linked insurance 2.511 TP3T of premiums, and critical illness insurance 2.501 TP3T of premiums.

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Latest Hong Kong Insurance Company Rankings

1️⃣  Based on gross premium income (lump sum + annualized premiums)

The top 15 Hong Kong insurers in terms of individual new business are shown in the chart below, with a market share of 96.5%.

The top 5 insurance companies are HSBC Life, Hang Seng Insurance, AIA, Manulife and BOC Life.

These companies owe their leadership position to their strong brand presence, broad product lines, and superior customer service.

2️⃣ Based on standard premium income (lump sum*10% + annualized premiums)

The top 5 insurance companies are HSBC Life, BOC Life, AIA, Prudential Insurance and Manulife.

This ranking reflects the strong performance of these companies in providing long-term protection and savings products.

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