Reinsurance News
Hong Kong Insurance Authority
HSBC’s Wayfoong becomes Hong Kong first captive insurer formed by a multinational enterprise
13th May 2025
HSBC Group has received approval from the Insurance Authority (IA) to set up a captive insurance company, Wayfoong (Asia) Limited, in Hong Kong, which has become the first captive insurer established in the city by a multinational enterprise. A captive insurer is designed primarily to cope with the multifarious perils borne by ... Read the full article
Hong Kong re/insurance market sees gross premiums increase to $637.8bn in 2024
28th April 2025
The Hong Kong Insurance Authority (IA) has released provisional insurance and reinsurance market statistics for 2024, reporting a total of $637.8 billion in gross premiums for the year, a notable increase compared to the $549.7 billion reported for 2023. Long-term business saw significant growth, with new office premiums (excluding Retirement Scheme ... Read the full article
Hong Kong officially begins risk-based capital regime for insurers
1st July 2024
Hong Kong’s risk-based capital (RBC) regime for the insurance industry has officially come into operation as of July 1, 2024. This follows the enactment of the Insurance (Amendment) Ordinance 2023, along with related subsidiary legislation and new guidelines or revised guidelines by the Insurance Authority (IA) that tie in with the ... Read the full article
Hong Kong IA reports decrease in total premiums despite growth in reinsurance in 2023
8th March 2024
The Insurance Authority (IA) has reported an increase in Hong Kong’s reinsurance gross premiums by 3.1% and net premiums by 0.2% for 2023, however, total gross premiums decreased by 1.1% compared to 2022, totalling $549.7 billion. Reinsurance gross premiums reached $18.1 billion in the year, primarily driven by the Property Damage ... Read the full article
Insurance Authority welcomes Clement Lau as new Executive Director
31st January 2024
Clement Lau has been appointed as Executive Director, Policy and Legislation of the Insurance Authority (IA), the insurance regulator of all authorised insurance companies and licensed insurance intermediaries in Hong Kong. The Government’s Financial secretary appointed Lau to his new role for a term of three years, from January 25, 2024, ... Read the full article
Hong Kong IA accepts decision to reinstate CEO
16th August 2023
The Government of Hong Kong Special Administration announced on August 14th the reappointment of Clement Cheung Wan-ching as the Chief Executive Officer (CEO) of the Insurance Authority (IA), accepting the decision made by the Government. The reappointment is for a term of three years, from August 15th, 2023, to August 14th, ... Read the full article
Renewed interest in Hong Kong’s insurance market, says PWC
16th August 2022
As the effects of Covid-19 start to clear, there is a renewal of interest and activity on the horizon in Hong Kong’s Insurance market from some of the largest Western international insurance groups, says a recent PWC report. The Special Administrative Region of Hong Kong remains the most attractive gateway for ... Read the full article
Hong Kong insurance industry shows mild increase of premiums in Q1 2022
9th June 2022
Total gross premiums written across the Hong Kong insurance industry in the first quarter of 2022 grew by 0.5% when compared to the same period in 2021, to $158.2 billion according to the region’s Insurance Authority (IA). Provisional statistics of the Hong Kong insurance industry released by the IA shows that ... Read the full article
Insurers office premiums rose to $80.5bn in H1: Hong Kong Insurance Authority
6th October 2021
The Insurance Authority (IA) has announced that the Hong Kong insurance market is showing signs of recovery after implementation of the Hong Kong National Security Law which put widespread social disturbances to a rest. Despite the effects of the COVID-19 pandemic, the gross premiums of long term business rose year-on-year by ... Read the full article
Hong Kong insurance industry records higher premiums & profits in 2019
9th December 2019
Total gross premiums written across the Hong Kong insurance industry in the first nine months of 2019 grew by 12.5% when compared with the same period in 2018, to $436.9 billion, according to the region's Insurance Authority (IA). Provisional statistics of the Hong Kong insurance industry released by the IA shows ... Read the full article
China regulator agrees to preferential treatment for Hong Kong reinsurers
31st July 2018
The China Banking and Insurance Regulatory Commission (CBIRC) and the Insurance Authority (IA) of Hong Kong have reached an agreement after more than a year of negotiations to allow preferential treatment for qualified reinsurers in Hong Kong, according to A.M. Best. The agreement will see mainland Chinese insurance companies that cede ... Read the full article
Gibraltar regulator signs Fintech co-op agreement with Hong Kong Insurance Authority
22nd March 2018
The Gibraltar Financial Services Commission (GFSC) has entered into its first Fintech co-operation agreement with the Hong Kong Insurance Authority, a move which promotes the sharing of information between the innovation teams of both organisations. The GFSC is the Gibraltar financial services market's regulator, and has previously been working with the ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
