Hong Kong Insurance Industry

Hong Kong’s insurance market is known for its strong regulatory structure, high coverage rates, and the significant presence of international insurance firms.

According to GlobalData, the life insurance sector in Hong Kong is projected to expand at a CAGR of 6.6%, growing from USD 70.0 billion in 2021 to USD 96.5 billion in 2026 in terms of direct written premiums. This sector is over ten times larger than the non-life insurance sector.

Industry experts highlight that the non-life insurance sector in Hong Kong presents growth opportunities for U.S. companies due to its underpenetration, particularly in long-term care, liability, and property insurance. Additionally, there is potential to explore motor, health, travel, and accident coverage.

The U.S. Commercial Service has engaged with several major insurance companies in Hong Kong, who have expressed interest in partnering with U.S. insurers. This interest stems from U.S. firms’ expertise in underwriting, risk management, and data analysis, which are areas where Hong Kong and regional insurers seek enhancement.

Like much of the world, Hong Kong’s insurance sector is undergoing a digital transformation, enabling greater efficiency and a more agile understanding of evolving customer preferences.