Hong Kong health insurance industry sees premiums soar

The health insurance industry in Hong Kong has seen gross premiums for accident and health business increase by more than 12% for the first quarter of 2024, according to provisional statistics from the Hong Kong Insurance Authority (IA). 

Accident and health premiums reached HK$6.9bn (£690m) for the period, an increase of 12.4% over the corresponding period in 2023.

A report from the IA said the increase was driven by the surge in demand for group medical business and travel insurance. 

The AI report does not speak to health insurance specifically. 

For the insurance industry as a whole, statistics released on 31 May 2024 showed that for the first quarter of 2024, gross premiums increased by 12.2%, to HK$165.1bn (£1.65bn) over the corresponding period in 2023. 

New business premiums derived from Mainland visitors was HK$15.6bn (£156m), accounting for 24% of total new office premiums for individual businesses, compared with 35.3% recorded in the last quarter in 2023.

As before, around 97% of the policies were settled at regular intervals (i.e. non-single premium).

Whole life, critical illness and endowment insurance accounted for 59%, 30% and 3% of the policies respectively. 

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