Hong Kong insurance premiums surge 35.5% in first half of 2026
Hong Kong's total gross insurance premiums rose 35.5% to HK$573.6 billion in the first half of 2026, according to provisional data from the Insurance Authority. HSBC Life led the life insurance market with a 24.3% share of new business premiums.
The Insurance Authority (IA) has reported provisional statistics showing Hong Kong's total gross insurance premiums rose 35.5 per cent in the first half of 2026 to HK$573.6 billion.
New office premiums for long-term business, excluding retirement scheme business, reached HK$275.2 billion, an increase of 58.4 per cent. This was mainly driven by HK$262.9 billion from non-linked individual business, which rose 57.8 per cent. Within that category, participating business contributed HK$245.4 billion, up 63.7 per cent, while other businesses accounted for HK$17.5 billion, a rise of 4.9 per cent. Linked individual business contributed HK$12 billion, an increase of 73.7 per cent. The IA issued approximately 33,000 qualifying deferred annuity policies, contributing HK$2.1 billion, or 0.8 per cent of total premiums for individual business.
Total revenue premiums of in-force business stood at HK$509.9 billion, up 39.7 per cent. This comprised HK$465.8 billion from non-linked individual business, up 44.8 per cent; HK$17.8 billion from linked individual business, up 40 per cent; and HK$22.2 billion from retirement scheme business, down 16.7 per cent. Total claims and benefits paid amounted to HK$179.8 billion, a decrease of 6.3 per cent.
For general business, total gross premiums were HK$63.7 billion, up 9.1 per cent, with net premiums of HK$42.1 billion, up 5.7 per cent. Total gross claims paid reached HK$31.3 billion, an increase of 22.2 per cent. Overall operating profit for general business was HK$9.6 billion, up 48.1 per cent, of which HK$5.8 billion was attributable to underwriting profit, a surge of 253.1 per cent.
According to the IA's provisional data, HSBC Life retained its top position in Hong Kong's life insurance market for both new business premiums and annualised new premiums, holding market shares of 24.3 per cent and 23.3 per cent, representing HK$66.8 billion and HK$25.3 billion, respectively.
Daisy Tsang, chief executive of HSBC Life Hong Kong and co-CEO of HSBC insurance, said the insurance unit expects underlying demand for long-term insurance to continue growing, particularly to meet protection and legacy-planning needs, supported by attractive propositions, high-quality service and sound risk management.
