Hong Kong non life insurers maintain underwriting gains over five years

A&H, general liability, property damage, and motor make up 89% of its GWP.

Hong Kong’s non-life insurance market has shown ability to sustain profitable underwriting in the last five years thanks to its general liability and property damage businesses.

The industry’s overall operating profit reached HK$8.1b in 2024, of which HK$3.3b are in undiscounted underwriting profits.

Gross written premiums (GWP) is $12.9b (HK$100.5b) in 2024, according to data gathered by AM Best.

Accident & health (A&H) coverage remained the largest contributor to GWP during the five-year period between 2020 and 2024, followed by general liability and property damage. Combined with motor, these businesses generated close to 89% of Hong Kong’s non-life GWP.

Consumer awareness, ongoing regulatory initiatives, and the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) drove overall performance of the non-life market, said Stephanie Mi, senior financial analyst at AM Best.

“The stable economic environment should also be noted as a factor,” Mi said in a report published in December 2025.