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Hong Kong insurance gross premiums dip 7% YoY in Q1

Hong Kong's insurance sector saw gross premiums decline by 7% YoY to HKD147.2bn (USD18.9bn) in Q1 2023, with long-term business revenue premiums dropping by 8.9% to HKD126.6bn, the Insurance Authority reported. However, new business premiums rose by 10.7% to HKD47bn, aided by a 26.9-fold YoY increase in premiums from mainland visitors, following the resumption of cross-border travel. These premiums, worth HKD9.6bn, accounted for 20.5% of total new business premiums for individual businesses. HSBC Life led the market with a 21.7% share, generating over HKD10bnin new business premiums. Meanwhile, Manulife reported a 26% rise in annualized premium equivalent sales.


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