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The overall insurance coverage market in Hong Kong is about to develop at a CAGR of 6.3% from HKD67bn ($8.6bn) in 2024 to $10.9bn in 2028.
That is by way of gross written premiums, in accordance with GlobalData.
As well as, the overall insurance coverage trade in Hong Kong is predicted to develop by 5.5% in 2024 and 2025, in accordance with the GlobalData Insurance coverage Database.
This development will likely be supported by main insurance coverage strains, similar to private accident and well being (PA&H), legal responsibility, and property, which altogether account for 75% of the overall insurance coverage GWP in 2023.
PA&H insurance coverage is the main line of enterprise in Hong Kong normal insurance coverage, accounting for 31.4% of the market in 2023. It’s projected to develop by 7.2% in 2024, primarily pushed by a rise in well being consciousness and a a restoration within the demand for medical insurance insurance policies from mainland China after the removing of prolonged journey restrictions.
Legal responsibility insurance coverage is the second largest line, accounting for a 24.1% share of the overall insurance coverage GWP in 2023. Hong Kong was the fourth-largest legal responsibility insurance coverage market within the APAC area in 2023.
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By GlobalData
Anurag Baliarsingh, insurance coverage analyst at GlobalData, commented: “Hong Kong normal insurance coverage trade witnessed a constant development of 5.5% in 2022 and 2023. The expansion was supported by a restoration within the demand for well being and journey insurance coverage insurance policies from mainland Chinese language prospects, necessary insurance coverage courses, and rising medical inflation that resulted in a rise within the premiums for medical insurance insurance policies. The pattern is anticipated to proceed in 2024 and 2025.
“Chinese language prospects are largely attracted by the superior care, high-quality medical services, and shorter ready occasions supplied in Hong Kong. The medical insurance insurance policies supplied in Hong Kong embody choices for extra protection for members of the family, larger protection for particular sorts of sickness, and severity-based safety that aren’t obtainable within the insurance policies supplied in Mainland China.”
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