Hong Kong’s life insurance market is projected to register a compound annual growth rate (CAGR) of 5.9% with HK$702.3bn (US$89.9bn) in direct written premiums (DWP) by 2030 from HK$559.3bn in 2026, a GlobalData report revealed on Friday.
The data and analytics firm’s Global Insurance Database forecasts life insurance DWP growth of 5.5% in 2026, driven by population ageing, sustained cross-border demand, increasingly sophisticated products, and a strong regulatory framework.
GlobalData expects new business DWP to exceed HK$270bn this year, up 10.2% year-on-year, and to grow at a CAGR of 9.1% through 2026-2030, with non-linked life insurance accounting for 96.6% of total life DWP and expanding at a CAGR of 6%.
Single-premium policies are forecast to grow by 5.4% in 2026 and to record a faster CAGR of 10.8% through 2026-2030, reflecting demand for wealth management and capital-efficient savings solutions.
“Going into 2026 and beyond, Hong Kong’s life insurance industry is well-poised for steady growth,” said Manogna Vangari, insurance analyst at GlobalData. “However, success will depend heavily on how insurers navigate rising regulatory costs, manage currency and market risk, and differentiate themselves in a competitive landscape,” she added.
GlobalData said provisional Insurance Authority data for the first half of 2025 showed that linked long-term new business premiums surging 60.8% year-on-year to HK$6.9bn, while about 44,000 qualifying deferred annuity policies generated HK$2.8bn, or roughly 1.6% of total individual new business premiums.
Whole life insurance is expected to remain the largest line with a 55.5% share of life DWP in 2026 and a modest CAGR of around 2.6% through 2030, while endowment insurance should account for 10.6% and grow at about 6.4% as insurers target margin-rich participating, indexed universal life, and wealth legacy solutions for high-net-worth (HNW) clients.
Other lines, including general annuities, pensions, term life, and miscellaneous life products, should make up around 33.9%.
Vangari noted that Hong Kong’s demographic profile underscores its insurance market’s trajectory, given the figures. She added that the population is rapidly ageing and is projected to reach a “super-aged” society by 2030, with those aged 65 and above comprising about 23.6% of the total population, which would fuel demand for retirement income, annuities, and long-term protection products.
“Hong Kong’s life insurance sector stands to benefit from premium expansion, demographic shifts, and enhanced bancassurance channels, supporting sustained growth in protection, retirement, and HNW solutions through 2026–30″, she said. “However, risk-based capital reporting and intensified conduct supervision will increase compliance and operational demands but should bolster market integrity and policyholder confidence, supporting sustainable premium growth.”
