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Hong Kong life insurance industry to surpass $68bn by 2028

Written by Adam Cadle
18/01/2024

Hong Kong’s life insurance industry is forecast to grow at a compound annual growth rate of 4.1% over 2024-28, from HKD459.9bn ($58.7bn) in 2024 to HKD539.1bn ($68.8bn) in 2028, in terms of direct written premiums, according to GlobalData.

“A recovery in the economy and the relaxation of travel restrictions after the pandemic will support life insurance growth in Hong Kong in 2024,” GlobalData added.

The integration of Hong Kong with Mainland China, notably in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), will also support the growth of Hong Kong’s life insurance business, it said.

Whole life insurance is expected to grow at a CAGR of 4.2% during 2024-28, endowment insurance is expected to grow at a CAGR of 3.6% over 2024-28, and general annuity is expected to grow at a CAGR of 3.1% over 2024-28.


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