In the first half of 2022, AIA Group had a market share of ** percent based on the value of new business in Hong Kong. Compared to the previous years, life insurance companies had difficulties generating new business. The insurance company Sun Life had the largest gap because it generated around ** percent lower premium income.

Post-Covid Sitrep

For an industry that is notoriously averse to risk and rapid change, the past few years have been challenging for the insurance industry in Hong Kong. The COVID-19 pandemic and its effect on the region's economy significantly reduced the income of the sector. Additionally, the economic and political role of the city is evolving and forcing insurers to adapt. Given that the insurance industry generates over **** percent of the local GDP, the overall health of insurers is important.

What’s next?

Like insurance companies globally, insurers in Hong Kong have to rethink old practices to embrace upcoming challenges. According to industry analysts, the main challenges include evolving customer needs, the increasing role of artificial intelligence, and climate risks. Compared to other regions, Hong Kong’s insurance providers need to embrace digitalization through Insurtech and focus on the integration of ESG into their business models to stay competitive.

In the first half of 2023, AIA Group generated ** billion Hong Kong dollars in insurance premiums from new businesses in Hong Kong. Compared to the previous years, most life insurance companies had difficulty generating new business. A global giant As one of the world’s leading financial centers, Hong Kong has a large insurance sector. With a business volume of around *** billion Hong Kong dollars, the insurance industry accounted for over three percent of the region’s GDP. According to official statistics, the life insurance business was more than ** times the size of the non-life insurance business. A popular financial hub Because of Hong Kong’s unique location and status, the city was a popular location for global financial institutions, including insurance. For instance, many out of the ** leading life insurance companies in Hong Kong were not from the region itself. Financial companies enjoy the liberal business environment and economic freedom of the city. In addition, Hong Kong serves as a connection point between the global financial system and mainland China.

The size of the Asia-Pacific Life And Annuity Insurance Market market was valued at USD 1.22 Million in 2023 and is projected to reach USD 1.59 Million by 2032, with an expected CAGR of 3.89% during the forecast period. Recent developments include: October 2023: Fanhua Inc, an independent financial services provider in China, made a strategic partnership with Asia Insurance Co., Ltd, a wholly-owned subsidiary of Asia Financial Holdings Ltd. Together, the two companies formed two joint ventures: a life insurance brokerage company and an insurance technology company., October 2023: Chubb Life Hong Kong and AEON credit service companies launched a distribution partnership to take advantage of cross-sector opportunities across the insurance and retail markets. Chubb provides property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. The partnership will likely see Chubb Life’s insurance products become available on AEON’s online and offline platforms.. Key drivers for this market are: Government Initiative is Expected to Drive the Growth of the Market, Increasing Awarness About Life and Annuity Insurane. Potential restraints include: Strict Regulatory Landscape is Expected to Restrain the Growth of the Market, High Cost of Life and Annuity Insurance Products. Notable trends are: Life Insurance is Dominating the Market.

In 2024, over ******* visitors from mainland China purchased whole life insurance in Hong Kong. Since the real estate market crisis began, many Chinese with investible assets look for safe alternatives, including insurance policies from Hong Kong.

GlobalData’s 'Life Insurance in Hong Kong, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Hong Kong life insurance segment, and a comparison of the Hong Kong insurance industry with its regional counterparts. Read More

Domestic Worker Insurance Market Outlook

According to our latest research, the global domestic worker insurance market size reached USD 9.4 billion in 2024, reflecting a robust industry with increasing awareness and regulatory support for employee welfare. The market is projected to expand at a CAGR of 7.2% from 2025 to 2033, driving the market to an estimated value of USD 17.8 billion by 2033. This growth is primarily attributed to the rising demand for legal protection, improved social security for domestic workers, and the proliferation of digital insurance platforms simplifying access and administration.

One of the most significant growth factors in the domestic worker insurance market is the increasing formalization of the domestic workforce across both developed and emerging economies. Governments are intensifying efforts to integrate domestic workers into the formal labor market, introducing mandatory insurance policies and social security benefits. This regulatory push not only enhances the welfare of domestic workers but also compels employers to seek comprehensive insurance solutions, thereby expanding the market. Additionally, the growing recognition of domestic workers’ rights and the need for health, accident, and liability coverage have led to a surge in product innovations from insurers, further fueling market expansion. As more households employ domestic workers and agencies professionalize their services, the demand for tailored insurance products continues to rise, ensuring sustained market growth.

Another key driver is the shift in consumer behavior and employer attitudes towards risk management and legal compliance. With increasing urbanization and dual-income households, reliance on domestic help has grown significantly. Households and agencies now recognize the importance of safeguarding themselves and their employees against unforeseen events such as accidents, health emergencies, or legal liabilities. This has led to a higher uptake of comprehensive insurance plans, especially in regions with stringent labor laws or where domestic workers are integral to daily life. The proliferation of digital distribution channels, such as online platforms and mobile apps, has further democratized access to insurance products. This digital transformation enables quick policy purchase, transparent comparison, and seamless claims processing, making insurance more attractive and accessible to both employers and domestic workers.

Technological advancements and partnerships between insurers, fintech companies, and labor organizations are also catalyzing market growth. Innovations such as micro-insurance, pay-as-you-go policies, and bundled coverage options are making insurance affordable and flexible for a wider demographic. These solutions are particularly impactful in emerging markets, where informal employment is prevalent, and traditional insurance penetration is low. Furthermore, collaborations with domestic worker associations and NGOs are raising awareness about the importance of insurance, driving higher policy adoption. As digital literacy improves and mobile connectivity expands, especially in Asia Pacific and Latin America, insurers are leveraging data analytics and AI-driven tools to customize offerings, enhance risk assessment, and streamline claims management, thereby strengthening market resilience and scalability.

From a regional perspective, Asia Pacific currently dominates the domestic worker insurance market, accounting for over 36% of the global market share in 2024. This leadership is driven by large populations, significant numbers of migrant domestic workers, and proactive government initiatives in countries such as Singapore, Hong Kong, and the Philippines. North America and Europe are also witnessing substantial growth due to evolving labor regulations and heightened awareness of employee rights. Meanwhile, Latin America and the Middle East & Africa are emerging as promising markets, propelled by urbanization, growing middle-class populations, and increasing government focus on worker welfare. The regional dynamics are expected to remain fluid, with Asia Pacific maintaining its lead while other regions close the gap through regulatory reforms and digital innovation.

Discover the booming Asia-Pacific neo-banking market! This comprehensive analysis reveals key trends, growth drivers, and regional market share from 2019-2033, featuring leading players like WeBank and Paytm. Learn about the opportunities and challenges shaping the future of digital finance in the region. Recent developments include: In April 2022, WeLab Bank has become the first virtual bank in Hong Kong to be granted permission to provide digital wealth advising services. The Bank soft-launched its intelligent wealth solution GoWealth Digital Wealth Advisory (GoWealth) for selected customers after receiving Type 1 (Dealing in securities) and Type 4 (Advising on securities) licenses from the Hong Kong Securities and Futures Commission (HKSFC)., In December 2021, Kakao Bank announced the signing of an MOU with Kyobo Life Insurance, Kyobo Bookstore, and Kyobo Securities for data cooperation and partnerships with other financial platform firms. Financial product planning and development, as well as cooperative marketing, will arise from a business relationship with Kyobo Life Insurance and Kyobo Securities.. Notable trends are: Number of Customers for Neo Banking is Raising Significantly in the Region.

In fiscal year 2018, property insurance accounted for the highest share of MSIG Holdings' gross premiums written, reaching around **** percent. Compared to the previous year, the share of property insurance declined by *** percent. MSIG supervises the non-life insurance business in the ASEAN, Hong Kong, and Oceania region and operates as an affiliate of MS&AD Insurance Group Holdings. MS&AD Insurance Group Holdings, Inc. is a Japanese holding company that was established as a result of the merger between several Japanese insurance companies in 2010.

As of March 2022, the share price of Evergrande Property Services at the Hong Kong Exchange amounted to 2.3 Hong Kong dollars, a significant decrease compared to last year. Evergrande Group is a real estate developer mainly but also has other associated businesses, including Evergrande Property Services, Evergrande New Energy Vehicle Group, and Evergrande Life Insurance. In addition to that, the conglomerate also operates Shengjing Bank.