Hong Kong insurers settled HK$78.2 billion in life claims in 2022, rising 6.5% year over year, alongside HK$38.4 billion in total gross claims incurred by general insurers. Life maturity payouts reached HK$42.1 billion in 2022, while motor claims delivered a 74.2% claims ratio for general insurance. These figures frame where coverage demand is holding steady and where claim costs are moving faster.
Key Takeaways
- Total gross claims incurred by GI insurers: HK$38.4 billion in 2022.
- Individual life new business annual premium equivalent (APE) was HK$112.3 billion in 2022, up 13.5%.
- In 2022, the total gross premiums written by all insurers in Hong Kong reached HK$652.4 billion, marking a 5.2% year-on-year increase.
- General insurance direct gross premiums grew 7.8% to HK$50.3 billion in 2022.
- The Insurance Authority (IA) licensed 157 authorized insurers as of end-2022.
Hong Kong’s insurance industry remains steady as key statistics show sustained growth and stable premium demand.
Related reading
01 · Category
Claims and Payouts28 stats
01
Total gross claims incurred by GI insurers: HK$38.4 billion in 2022.
02
Life insurance claims paid amounted to HK$78.2 billion in 2022, up 6.5%.
03
Motor claims ratio for GI was 74.2% in 2022.
04
Death claims under life policies: 12,450 cases, total payout HK$15.6bn.
05
Accident and health claims incurred: HK$14.3 billion in 2022.
06
Average life claim size: HK$320,000per death claim in 2022.
07
Property claims payouts: HK$6.8 billion, up 10.2% due to typhoons.
08
Medical claims under GI: HK$9.7 billion paid out.
09
Life maturity claims: HK$42.1 billion disbursed in 2022.
10
Motor third-party claims: 89,000 cases, HK$4.2bn paid.
11
Sickness claims ratio for life business: 82.4%.
12
Total outstanding claims reserves for all insurers: HK$156.3bn end-2022.
13
Critical illness claims approved: 18,200, average payout HK$450k.
14
GI catastrophe claims from Super Typhoon Hinnamnor: HK$120m.
15
Life annuity claims payments: HK$5.6 billion in 2022.
16
Fraudulent claims detected: 2,450 cases, savings HK$380m.
17
Employees' comp claims: 45,600 cases, total HK$2.9bn.
18
Travel insurance claims post-reopening: HK$450m.
19
Life disability claims: HK$3.8 billion paid out.
20
GI incurred losses net of reinsurance: HK$28.7 billion.
21
Hospitalization claims average length: 4.2 days, cost HK$25k.
22
Total claims settlement ratio for life: 98.7% within 30 days.
23
Property fire claims: 3,200 incidents, HK$1.1bn payouts.
24
Cancer claims under CI policies: 9,800 approved, HK$4.4bn.
25
Motor total loss claims: 12,500 vehicles, average HK$180k.
26
GI claims expense ratio: 8.2% of premiums in 2022.
27
Life policyholder dividends paid: HK$55.4 billion.
28
Cyber claims reported: 1,200 cases, payouts HK$95m.
Interpretation
Claims and Payouts Interpretation
Hong Kong’s insurers paid out over HK$116 billion in a year, proving they are remarkably efficient at transforming our collective misfortune, mishaps, and mortality into meticulously audited statistics and settled claims.
02 · Category
Life Insurance26 stats
01
Individual life new business annual premium equivalent (APE) was HK$112.3 billion in 2022, up 13.5%.
02
Participating policies accounted for 45.2% of in-force life policies as of 2022.
03
Annuity sales surged 28.4% to HK$15.7 billion in 2022.
04
Critical illness premiums written totaled HK$22.4 billion, representing 15% of life new business.
05
Medical and health rider premiums attached to life policies reached HK$35.6 billion in 2022.
06
Whole life products dominated with 38.7% share of new life premiums in 2022.
07
Investment-linked assurance schemes (ILAS) sales declined 5.2% to HK$8.9 billion in 2022.
08
Term life new premiums grew 18.1% YoY to HK$12.3 billion in 2022.
09
Endowment policies comprised 25.6% of total life new business value in 2022.
10
Universal life premiums amounted to HK$18.7 billion, up 9.4% in 2022.
11
Group life premiums written were HK$9.2 billion, stable from 2021 levels.
12
Life insurance policies in force totaled 38.2 million at end-2022, up 3.1%.
13
Average sum assured per life policy was HK$450,000in 2022.
14
Mainland visitors bought HK$45.6 billion in life policies during 2022.
15
Female policyholders represented 52.3% of total life policies in force.
16
Retirement-related products sales hit HK$28.4 billion, 20% of life market.
17
Disability income protection premiums grew 14.2% to HK$4.5 billion.
18
Life insurers' investment return was 3.8% on average in 2022.
19
Single premium life policies accounted for 32.1% of new business APE.
20
Life insurance surrender value paid out HK$32.7 billion in 2022.
21
MPF-related life insurance wrappers grew 7.6% in premiums.
22
Cancer insurance specific products premiums were HK$10.2 billion.
23
Life policy lapse ratio improved to 4.2% from 5.1% in 2021.
24
Top-selling life product was whole life savings plan with HK$25.6bn sales.
25
Life insurers' solvency ratio averaged 250% under RBC regime in 2022.
26
Digital life policy issuance reached 45% of new business in 2022.
Interpretation
Life Insurance Interpretation
While Hong Kong's life insurance market in 2022 shows a populace sensibly preparing for the worst with a surge in annuities and critical illness cover, its heart still beats to the steady rhythm of whole life savings plans, proving that even when bracing for storms, securing a legacy remains the ultimate comfort.
03 · Category
Market Size and Growth30 stats
01
In 2022, the total gross premiums written by all insurers in Hong Kong reached HK$652.4 billion, marking a 5.2% year-on-year increase.
02
Hong Kong's insurance penetration rate stood at 18.7% of GDP in 2022, one of the highest in Asia.
03
The insurance industry's total assets under management grew to HK$4.2 trillion by end-2022, up 6.8% from the previous year.
04
Long-term business accounted for 92.3% of total gross premiums in 2022, totaling HK$602.1 billion.
05
The compound annual growth rate (CAGR) of Hong Kong's insurance premiums from 2018-2022 was 4.1%.
06
New business premiums for individual life insurance surged 12.4% to HK$145.6 billion in 2022.
07
The density of insurance (premiums per capita) in Hong Kong was HK$86,500in 2022.
08
Hong Kong ranked 5th globally in terms of life insurance premiums in 2022 according to OECD data.
09
Total insurance premiums as a percentage of GDP increased from 17.2% in 2021 to 18.7% in 2022.
10
The Hong Kong insurance market is projected to grow at a CAGR of 5.5% from 2023-2027.
11
In H1 2023, gross premiums written grew 4.8% YoY to HK$326.7 billion.
12
The market share of the top 10 insurers was 65.2% of total premiums in 2022.
13
Insurance industry's contribution to Hong Kong's GDP was approximately 2.1% in 2022.
14
Total new office premiums in 2022 amounted to HK$89.3 billion, up 8.7%.
15
Hong Kong's insurance market size was valued at US$78.5 billion in 2022.
16
Annualized premium equivalent (APE) for life insurance grew 10.2% to HK$120.4 billion in 2022.
17
The embedded value of Hong Kong life insurers reached HK$1.8 trillion by 2022.
18
Insurance premiums growth outpaced GDP growth by 2.3 percentage points in 2022.
19
Total premiums from mainland Chinese visitors dropped to 15% of new business in 2022 from 25% pre-COVID.
20
Hong Kong's position as Asia's second largest insurance market after Japan in terms of life premiums.
21
Gross premiums for Class A (long-term) business increased by 4.9% to HK$589.5 billion in 2022.
22
The insurance sector employed over 85,000 people in Hong Kong as of 2022.
23
Market capitalization of listed insurers in HK exceeded HK$1.2 trillion in 2022.
24
Total reinsurance premiums ceded by HK insurers were HK$45.6 billion in 2022.
25
Insurance industry's profit after tax rose 15.3% to HK$112.4 billion in 2022.
26
The value of new business (VNB) for life insurers was HK$28.5 billion in 2022.
27
Hong Kong insurance market grew 3.8% in real terms adjusting for inflation in 2022.
28
Total policies in force increased by 2.7% to 45.6 million in 2022.
29
Premium income per employee in the sector averaged HK$7.6 million in 2022.
30
Cross-border insurance sales contributed 22% to total new premiums in 2022.
Interpretation
Market Size and Growth Interpretation
Despite a dip in mainland visitor business, Hong Kong's insurance industry continues to be a towering pillar of wealth, managing a staggering HK$4.2 trillion in assets and relentlessly converting its famously risk-aware citizens into policyholders, proving that while fortunes may fluctuate, the city's appetite for security remains a gold-plated constant.
More related reading
04 · Category
Non-Life Insurance25 stats
01
General insurance direct gross premiums grew 7.8% to HK$50.3 billion in 2022.
02
Accident and health insurance segment premiums were HK$18.7 billion, 37% of GI market.
03
Motor insurance premiums totaled HK$12.4 billion, up 4.2% YoY.
04
Property damage insurance written premiums reached HK$8.9 billion in 2022.
05
Employees' compensation premiums grew 6.5% to HK$5.6 billion.
06
Liability insurance segment premiums were HK$3.2 billion, up 9.1%.
07
Marine cargo premiums amounted to HK$2.1 billion in 2022.
08
General third-party liability claims ratio was 68.4% in 2022.
09
Number of motor policies in force: 1.23 million as of end-2022.
10
Travel insurance premiums recovered 15.3% to HK$1.8 billion post-COVID.
11
Cyber insurance premiums grew 22.4% to HK$450 million in 2022.
12
Homeowners insurance policies: 450,000 in force, premiums HK$1.2bn.
13
GI insurers' combined ratio improved to 92.6% from 95.1% in 2021.
14
Pet insurance premiums surged 28% to HK$180 million in 2022.
15
Cargo and freight premiums: HK$1.5 billion, up 12%.
16
Medical insurance within GI: HK$10.3 billion, 20.5% market share.
17
Number of GI policies in force: 7.8 million at end-2022.
18
Motor own damage claims paid: HK$3.4 billion in 2022.
19
GI reinsurance recoverables: HK$12.6 billion as of 2022.
20
Average motor premium per policy: HK$10,200in 2022.
21
Property all-risks premiums: HK$4.2 billion, growth 8.7%.
22
GI net premiums earned: HK$42.1 billion in 2022.
23
Theft insurance claims: 15,200 cases, payouts HK$890m.
24
Engineering insurance premiums: HK$1.1 billion.
25
Pandemic-related business interruption claims: HK$250m settled.
Interpretation
Non-Life Insurance Interpretation
Hong Kong's insurers are thriving, with a healthy 7.8% overall growth, proving that while we're collectively more worried about our health (37% of the market), our pets (28% surge), and cyberattacks (22.4% growth), we're still managing to crash our cars and break our stuff with impressive, costly consistency.
05 · Category
Regulatory and Distribution27 stats
01
The Insurance Authority (IA) licensed 157 authorized insurers as of end-2022.
02
Risk-based capital (RBC) regime fully implemented for all insurers since 2024.
03
IA conducted 245 on-site inspections in 2022.
04
Number of licensed insurance intermediaries: 120,456 as of 2022.
05
Corporate insurance intermediaries: 2,345 registered in 2022.
06
IA fined HK$15.2 million for regulatory breaches in 2022.
07
Bancassurance channel accounted for 52% of new life business in 2022.
08
Independent financial advisors (IFA) sales grew 18% to HK$12bn.
09
Digital distribution platforms issued 1.2 million policies in 2022.
10
IA's supervisory levy collected: HK$450 million in FY2022/23.
11
95% of insurers compliant with anti-money laundering (AML) standards.
12
Insurance Complaints Bureau handled 4,567 cases in 2022.
13
Mandatory Provident Fund (MPF) trustees: 12 approved schemes.
14
IA approved 23 new insurance products in Q4 2022.
15
Broker channel market share in GI: 28.4% of premiums.
16
Agent productivity: average HK$2.8m premiums per agent.
17
IA's Tech@IA Regulatory Sandbox admitted 15 insurers in 2022.
18
Professional indemnity insurance mandatory for intermediaries.
19
Cross-border sales regulated under Selling Mainland Policies guidelines.
20
78% of consumers satisfied with distribution services per survey.
21
IA registered 85,000 individual agents in 2022.
22
E-commerce insurance sales: 15% of total GI premiums.
23
IA's public education reached 2.5 million via campaigns in 2022.
24
Solvency margin compliance: 100% for all authorized insurers.
25
Partnership distribution (IFA/bancass) grew to 35% market share.
26
IA revoked 456 intermediary licenses for misconduct in 2022.
27
Mobile app policy sales: 28% of new business for top insurers.
Interpretation
Regulatory and Distribution Interpretation
The Hong Kong insurance market stands as a fortress of financial stability, with every insurer solvent and nearly all laundering clean money, yet it's a bustling, digitized city of 120,000 salespeople where nearly half of new life policies are sold through banks, regulators are watchful and well-funded inspectors, and while most customers are happy, a few thousand complaints and over 400 license revocations prove that not every agent is a hero.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Megan Gallagher. (2026, February 13). Hong Kong Insurance Industry Statistics. Gitnux. https://gitnux.org/hong-kong-insurance-industry-statistics
MLA
Megan Gallagher. "Hong Kong Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/hong-kong-insurance-industry-statistics.
Chicago
Megan Gallagher. 2026. "Hong Kong Insurance Industry Statistics." Gitnux. https://gitnux.org/hong-kong-insurance-industry-statistics.
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