, Hong Kong
Photo by Vlad Deep from Unsplash

Hong Kong’s PA&H insurance sector to reach $28.5b in 2028

This growth was driven by the increased health awareness brought by the pandemic.

Hong Kong’s personal accident and health (PA&H) insurance industry is expected to grow at a compound annual growth rate (CAGR) of 7.4% from $21.4b in 2024 to $28.5b in 2028, GlobalDate reported.

This year, the PA&H industry is expected to grow by 7.2% due to the increased health awareness following the COVID-19 pandemic and the return of travel from February 2023 after the lifting of pandemic restrictions.

Chinese customers are attracted to Hong Kong’s better medical and healthcare services and greater insurance package offerings which include coverage for family members, severity-based protection, and the flexibility to purchase higher coverage for specific types of illness.

The growth of the PA&H industry was also spurred by the growing integration of Hong Kong and Chinese insurers in the GBA, facilitated by initiatives such as Insurance Connect.

ALSO READ: Hong Kong’s insurance premiums dip in 2023

Meanwhile, the Economic and Social Commission for Asia and the Pacific (ESCAP) reported that 30.8% of the Hong Kong population will be aged 60 years and older in 2024.

This figure is expected to increase to 35.5% by 2030 which will further increase the reliance on health insurance.

To meet the needs of the ageing population, Hong Kong insurers have introduced critical illness plans to provide comprehensive coverage to individuals with diabetes and survivors of chronic conditions like cancer, heart attacks, or strokes.

“A higher rate of acute diseases and chronic conditions, increasing demand from mainland Chinese customers, coupled with a rapidly ageing population, will drive growth in Hong Kong’s PA&H insurance industry. Furthermore, rising health insurance premiums due to inflation and strong healthcare utilization will support PA&H insurance growth over the next five years,” Prasanth Katam, Insurance Analyst at GlobalData said.

Follow the link s for more news on

Analisa data, kunci kesuksesan AIA Indonesia dalam mengatasi penipuan

Prosedur operasional standar dan penyidik yang terlatih menjaga AIA Indonesia tetap terkendali.

CEO mengungkapkan bagaimana perusahaan-perusahaan Indonesia dapat fokus pada pertumbuhan di tengah regulasi baru

Sementara pasar menuju pertumbuhan, regulasi baru mempersempit keberadaan perusahaan asuransi.

Asei dan Seoul Guarantee teken MoU

Kerja sama ini bertujuan memperkuat jaminan dan asuransi kredit di Indonesia.

Fintech Indonesia melindungi 200.000 nasabah melalui kolaborasi Qoala & Sompo

JULO Protect Plus adalah perlindungan asuransi pertama yang embedded dalam solusi kartu kredit virtualnya.

bolttech, HAVA.id bermitra untuk perlindungan perangkat UKM

UKM  Indonesia juga dapat menikmati garansi perangkat tambahan selama 12 bulan.

Bagaimana Grandtag memberikan keamanan bagi orang terkaya di Asia

CEO regional Grandtag Financial mengungkap bagaimana 'asuransi jiwa jumbo' menarik UHNWI di Asia.

Asuransi Cina menganggap bijaksana untuk beralih ke investasi alternatif

Analisis melihat regulasi baru mendorong pergeseran konservatif saat asuransi mencari stabilitas di tengah pasar yang bergejolak.

Indonesia mempertimbangkan wajib asuransi TPL

Langkah ini didorong oleh meningkatnya jumlah kecelakaan di jalan raya.

Risiko reasuransi meningkat di Tokio Marine Indonesia

Sebagai perusahaan asuransi umum kecil di Indonesia, TMI memiliki pangsa pasar sebesar 2,1%.

Apakah ‘Londonisasi’ baik untuk pasar asuransi M&A Asia?

Para ahli industri membedah tingkat penggunaan yang rendah di wilayah ini untuk asuransi M&A meskipun semakin banyak pemain industri yang masuk ke arena ini.