Editor’s note: This story was updated on 2 June 2026 to present the data at market level only.
Hong Kong’s general reinsurance market expanded in 2025, but a sharp deterioration in underwriting performance, driven primarily by offshore business, pushed the market into the red, according to provisional data released by the Insurance Authority.
The data, compiled and analysed by (Re)in Asia, showed gross premiums written across onshore and offshore reinsurance inward business, which excludes primary insurance figures, rose 9.41% year-on-year to HK$53.65bn in 2025, while net premiums written increased 7.02% to HK$36.24bn.
Despite the premium growth, undiscounted underwriting results swung from a profit of HK$2.09bn in 2024 to a loss of HK$379.06m in 2025, marking a 118.15% deterioration.
The deterioration came in a year when large losses from the deadly Wang Fuk Court fire were ceded into the reinsurance market. Separately, as of its last update, the IA says insurers had paid more than HK$257m within three weeks of the November 2025 incident.
Offshore reinsurance
Gross offshore premiums rose 9.50% year-on-year to HK$45.12bn, while net premiums increased 6.15% to HK$30.41bn. However, underwriting performance swung from a HK$1.45bn profit in 2024 to a HK$465.21m loss in 2025.
By line of business, the offshore segment remained concentrated in several large classes, namely property damage, general liability, and health, a major offshore growth engine.
Onshore market rises, remains in the green
Aligning with the broader market, gross onshore premiums also rose 8.97% year-on-year to HK$8.53bn, while net premiums increased 11.76% to HK$5.84bn.
The onshore market remained in underwriting profit, though the undiscounted result fell 86.52% to HK$86.15m from HK$639.01m in 2024, according to the data.
Unlike offshore’s broader mix, the onshore market is heavily concentrated in accident and health.
