Hong Kong General Insurance Market to Hit $10.9 Billion by 2029: GlobalData
Hong Kong’s general insurance market is projected to grow at a compound annual rate of 5.1%, reaching HK$85.4 billion (US$10.9 billion) in gross written premiums (GWP) by 2029, according to GlobalData. This forecast aligns with the Insurance Authority’s (IA) provisional 2024 figures, which recorded HK$100.5 billion in total GWP, including reinsurance.
Excluding reinsurance inward business, GlobalData estimates general insurance premiums at HK$69.9 billion (US$8.9 billion) for 2025. Health-related insurance remains the leading segment, expected to account for 34.7% of general premiums. In 2024, personal accident and health (PA&H) insurance reached HK$22.8 billion in direct premiums, driven by demand from both local clients and overseas customers, particularly from Mainland China and the Middle East.
Property insurance is forecast to grow by 7.5% in 2025, supported by heightened awareness of climate risks like typhoons and flooding. The segment accounted for HK$6.2 billion in direct premiums last year and is expected to hold 22.2% of the market in 2025.
General liability insurance, including employees’ compensation, is projected to make up 22.1% of GWP in 2025. This segment grew to HK$12.1 billion in 2024 and is forecast to rise at an annual rate of 3.4% through 2029, driven by increased adoption of cyber insurance among SMEs.
Motor, marine, financial lines, and transit-related policies collectively make up 21.6% of the market. Reinsurance inward premiums added HK$49 billion to the sector in 2024.
Gross claims in the general insurance segment reached HK$53 billion, with overall operating profit at HK$8.1 billion. Underwriting gains stood at HK$3.3 billion, while reinsurance activities contributed another HK$2.1 billion, mainly in property lines.
Cross-border business with Mainland China remains a key driver, although trade tensions and potential reciprocal tariffs from the US pose risks. Nonetheless, ongoing demand for property and cyber insurance is expected to support further market penetration.