Senior representatives from the Hong Kong Insurance Authority (IA) have completed a series of meetings in Beijing aimed at deepening cooperation with Mainland Chinese authorities.
On July 30, 2025, IA chairman Stephen Yiu (pictured left) and chief executive officer Clement Cheung visited the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council.
The officials met with director Xia Baolong (pictured right) and executive deputy director Xu Qifang to discuss ongoing collaboration between Hong Kong and Mainland China.
The following day, the IA led a delegation of Hong Kong insurance industry stakeholders to the National Financial Regulatory Administration (NFRA), where they met with NFRA Party Secretary and Minister Li Yunze.
The delegation included representatives from the Hong Kong Federation of Insurers and various insurance intermediary associations.
During the discussions, participants exchanged perspectives on the evolving insurance landscape in both Hong Kong and the Mainland.
Topics included the integration of insurance markets, regulatory alignment, and opportunities for Hong Kong to serve as a global risk management centre.
Both sides considered ways to enhance regulatory cooperation and address the needs of cross-border insurance activities.
The meetings come at a time when the Hong Kong insurance sector is adapting to new regulatory frameworks.
The implementation of the Risk-based Capital regime in July 2024 was highlighted as a key change, influencing how general insurance results are reported and compared with previous periods.
According to provisional data released by the IA, Hong Kong’s insurance market saw total gross premiums of HK$220.3 billion in the first quarter of 2025 (Q1 2025).
The long term insurance segment reported new office premiums, excluding retirement scheme business, of HK$93.4 billion, a 43.1% rise from the same quarter last year.
Non-linked individual business contributed HK$90.1 billion, with participating business accounting for HK$81.7 billion.
Other non-linked products generated HK$8.3 billion, while linked individual business premiums reached HK$3.2 billion.
Qualifying deferred annuity policies (QDAPs) remained a significant product, with around 35,000 policies issued and HK$2.2 billion in premiums collected. This represented 2.4% of total individual business premiums for the quarter.
Revenue premiums from in-force long term policies totalled HK$189.1 billion, up 31.1% year-on-year.
Non-linked individual business accounted for HK$169 billion, linked business HK$6.2 billion, and retirement scheme business HK$11.7 billion.
Total claims and benefits paid to policyholders amounted to HK$94.3 billion, a 7.4% decrease from the previous year.
The IA has paused the release of separate data on Mainland visitors as it reviews its data collection processes for non-local policyholders.
