Hong Kong Insurance Industry Set for 55% Growth by 2032

Hong Kong’s insurance sector is poised for significant growth, with total gross premiums expected to rise by 55% to reach USD127bn by 2032, according to Manulife. The surge is attributed to rising demand from the ageing population and integration with the Greater Bay Area.

The Canadian insurer, which plans to redomicile its Hong Kong and Macau operations from Bermuda, highlighted the market potential in the Bay Area, where only 3.5% of the 86 million residents currently have life or health insurance.

Sales momentum is already evident: in 2024, new life policies in Hong Kong rose 21.4% to a record USD28.3bn. Regulatory reforms and improved cross-border connectivity are further boosting consumer confidence, with mainland Chinese buyers representing over 25% of new policyholders.