Hong Kong Insurance Authority: Total gross premium income for the first three quarters before 2024 was HK$480.8 billion, with mainland visitors creating new insurance policies worth HK$46.6 billion.

The Insurance Authority of Hong Kong announced the interim business statistics for the first three quarters of 2024, with a total gross premium income of HK$480.8 billion. Among them, the new policies premiums from mainland visitors amounted to HK$46.6 billion, a slight decrease of 0.4% compared to the previous year, accounting for 27.6% of total new policies premiums for individual business. Most of these policies are paid in non-single premium mode. Whole life insurance, critical illness and medical insurance accounted for 59%, 28%, and 5% of these policies respectively. The new policies premiums for long-term business (excluding retirement business) amounted to HK$169.6 billion, a 15.7% increase compared to the previous year, mainly including HK$162 billion from non-linked individual business, an 18% increase compared to the previous year, of which HK$141.4 billion is from participating business and HK$20.7 billion is from other business; and HK$7.2 billion from linked individual business, a 19.7% decrease. Insurance companies issued approximately 58,000 qualified deferred annuity policies, introducing premiums of HK$3.7 billion, accounting for 2.2% of total individual business. The total premium income for long-term effective business in the first three quarters of 2024 was HK$405.8 billion, an 8.3% increase compared to the previous year, mainly including HK$358.4 billion from non-linked individual business, an 8.7% increase compared to the previous year, HK$16.8 billion from linked business, a 7.5% decrease, and HK$25.5 billion from retirement business, a 14% increase. The total amount of claims and benefits paid to policyholders during the period amounted to HK$270.2 billion, a 12.7% increase compared to the previous year. During the period, the total gross premium and net premium for general insurance business were HK$75 billion and HK$51.7 billion respectively, with a total paid claims gross amount of HK$38.4 billion. The overall operating profit was HK$6.7 billion, while the underwriting profit was HK$2.2 billion. Lui Yee-kwok, Executive Director (Long-term Business) of the Insurance Authority, stated that mainland visitors are currently defined as "mainland residents who hold a two-way permit or Chinese passport to enter Hong Kong", and they will review the definition of mainland visitors to see if individuals who enter Hong Kong through various talent programs are still considered MCV or mainland visitors. In addition, considering the seasonal visit patterns of mainland visitors, the business statistics will be released semi-annually starting from the first quarter of this year.