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Financial and Monetary Affairs
authorised unit trusts and mutual funds on enhanced disclosures for SFC-authorised green or environmental, social and governance (ESG) funds.
Insurance
Hong Kong is among the world's most open insurance centres, with one of the highest insurance densities in Asia. Of the 163 authorised insurers operating in the city at the end of 2019, 71 were from other jurisdictions. Fifteen of the world's top 20 insurers were authorised to conduct insurance business in Hong Kong. The city had 18 professional reinsurers, including most of the world's top reinsurers.
Chart 5
Annual Gross Premiums of Insurance Market
600
580*
500
515
489
HK$ Billion
400
452
300
374
200
100
0
2015
2016
2017
Year
2018
2019
* Provisional statistics
During the past five years, Hong Kong's insurance industry grew 11.3 per cent on average annually. In 2019, gross premiums amounted to $580.2 billion*, a 12.8 per cent increase over 2018. The total revenue premiums of in-force long-term business rose 13.7 per cent to $524.6 billion*. Individual life and annuity insurance remained the leading business, accounting for $484.8 billion*, or 92.4 per cent* of total revenue premiums, with 14.2 million* corresponding policies.
General insurance business rose to $55.7 billion* from $53.1 billion in 2018, a 4.8 per cent increase in gross premiums. The growth was driven mainly by increased gross premiums of accident and health business, comprising medical business; general liability business, comprising employees' compensation business; and property damage business. The overall underwriting performance of general insurance business rose from $583 million to $1.1 billion*.
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