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INVITATION
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花上1-5分钟时间了解一下香港保险发展史~
Take 1-5 minutes to learn about the history of insurance development in Hong Kong.
01
起源阶段：
殖民地的贸易保险基础
（1841-1941）
The trade insurance gene of the colony
Origin
1840年中英鸦片战争爆发后。1842年《南京条约》割让香港后，中国首家保险公司谏当保险行（广州保险社）迁至香港，开启香港保险业序幕。初期以航运和货物保险为核心，适配香港作为远东贸易枢纽的定位。
After the outbreak of the Sino-British Opium War in 1840, and the cession of Hong Kong under the Treaty of Nanking in 1842, China's first insurance company, Jian Dang Insurance Company (Guangzhou Insurance Society), relocated to Hong Kong, marking the beginning of the insurance industry in Hong Kong. Initially, with shipping and cargo insurance as its core business, it aligned well with Hong Kong's position as a trading hub in the Far East.
1898年，香港卖出首张寿险保单，人寿保险业务正式萌芽。
In 1898, the first life insurance policy was sold in Hong Kong, marking the official inception of life insurance business.
当时人寿保单
1910年《保险法》颁布，确立法律框架，推动行业规范化。
The Insurance Law was promulgated in 1910, establishing a legal framework and promoting industry standardization.
02
停滞阶段（1941-1945）
Stagnation period
1941年12月，太平洋战争爆发后，日本军队占领香港，对保险业造成了严重冲击。大量保单被遗失或损毁，保险公司面临巨额赔偿，业务几乎陷入停滞
直到1945年8月香港重获解放后，保险业才逐渐恢复活力。
In December 1941, following the outbreak of the Pacific War, Japanese troops occupied Hong Kong, dealing a severe blow to the insurance industry. A large number of insurance policies were lost or destroyed, and insurance companies faced huge compensation claims, with business almost coming to a halt. It was not until Hong Kong was liberated in August 1945 that the insurance industry gradually regained its vitality.
03
发展阶段
战后野蛮生长与专业化转型
（1945-1960）
Post-war barbaric growth and professional transformation
Development stage
二战后香港经济腾飞，保险需求激增。
1950年代，水险、火险等财产险迎来爆发期，1960年代引入保险代理制度，销售专业化提速，市场竞争加剧。同期，外资保险公司如宏利（1897年进港）、友邦（1949年进港）开始布局，为后续国际化埋下伏笔。
After World War II, Hong Kong's economy took off, leading to a surge in demand for insurance.
In the 1950s, property insurance such as marine insurance and fire insurance ushered in an explosive period. In the 1960s, the introduction of the insurance agency system accelerated the professionalization of sales and intensified market competition. During the same period, foreign insurance companies such as Manulife (established in Hong Kong in 1897) and AIA (established in Hong Kong in 1949) began to lay the groundwork for their subsequent internationalization.
1961年香港联安水火保险有限公司火险保单一份
04
国际化阶段（1980-1997）
Internationalization phase
随着香港成为“亚洲四小龙”，国际金融中心地位确立。
1970年代，投资连结保险、万能寿险等创新产品登场，满足财富管理需求；
With Hong Kong becoming one of the "Four Asian Tigers", its status as an international financial center has been established.
In the 1970s, innovative products such as investment-linked insurance and universal life insurance emerged to meet wealth management needs;
1983年保险监理处成立，1984年《保险公司条例》实施，确立资本充足率、偿付能力等监管标准，行业告别草莽时代
In 1983, the Insurance Supervision Office was established, and in 1984, the "Insurance Company Regulations" were implemented, establishing regulatory standards such as capital adequacy ratio and solvency, marking the industry's departure from its wildcat era
05
规划化阶段（1980-1997）
Normalization phase
20世纪80年代，香港政府开始加强保险业的监管，1983年成立了保险监理处，6月颁布了《保险公司条例》，主要内容包括：规定保险公司的最低资本额、偿付准备金的标准、董事和主要经理人员的资格审查、公司账册与报表的审核、经营业务范围、险种和分类、公司无力清偿债务和清盘的规定、政府的干预权力和豁免规定等。这是香港保险业监管发展的重要里程碑，首次提出了保险公司资本充足率的要求。
In the 1980s, the Hong Kong government began to strengthen the supervision of the insurance industry. In 1983, the Insurance Authority was established, and in June, the Insurance Companies Ordinance was promulgated. The main contents of the Ordinance include: stipulations on the minimum capital requirements for insurance companies, standards for solvency reserves, qualification reviews for directors and key managers, audits of company books and statements, business scope, types and classifications of insurance, provisions for companies unable to pay debts and liquidation, government intervention powers, and exemption provisions. This was an important milestone in the development of insurance industry supervision in Hong Kong, as it was the first time that the requirement for capital adequacy ratio of insurance companies was proposed.
1988年6月，香港成立了保险业联合自律团体
In June 1988, Hong Kong established the Joint Self-Regulatory Body of the Insurance Industry
1987年，香港保险总保费中60%以上为一般保险业务；1997年，这一比例已下滑至37%，而且长期寿险业务占据了主导地位。
1986年，香港保险费总额为115亿港元，1990年上升至198亿港元，1995年达到438亿港元。
In 1987, over 60% of the total insurance premiums in Hong Kong were from general insurance business; by 1997, this proportion had declined to 37%, with long-term life insurance business taking the dominant position
In 1986, the total insurance premium in Hong Kong was HKD 11.5 billion, rising to HKD 19.8 billion in 1990 and reaching HKD 43.8 billion in 1995.
特别是1997年回归后，内地客户开始涌入。有个经典案例：1999年某央企高管一单投保5000万港元，直接刷新亚洲个人寿险纪录。
Especially after the return in 1997, mainland customers began to flock in. There is a classic case: in 1999, a senior executive of a central enterprise insured a single policy for HKD 50 million, directly setting a new record for individual life insurance in Asia
06
全球化阶段（1997至今）
Globalization stage
亚洲金融风暴后，银行大举进军香港保险市场，推动人寿保险强劲增长，香港保险密度亚洲第一，全球第二（人均保费9159美元，相对应内地为489美元）；保险渗透率19%（保险渗透率=保费/GDP）
2017年6月，香港保监局正式接替了之前的保险业监理处，成为规管保险行业的新机构，其职能包括规管保险业、保障保单持有人的利益，并促进保险市场的可持续发展；
2024年7月，香港保监局正式推行风险为本资本制度的监管制度，这一制度将使保险公司的资本要求与其风险状况更为相称，进一步提升香港保险业的稳健性。
After the Asian financial crisis, banks made a large-scale foray into the Hong Kong insurance market, driving robust growth in life insurance. Hong Kong now boasts the highest insurance density in Asia and the second-highest globally (with a per capita insurance premium of US$9,159, compared to US$489 in the mainland). The insurance penetration rate stands at 19% (insurance penetration rate = insurance premium / GDP)
In June 2017, the Hong Kong Insurance Authority officially succeeded the former Office of the Commissioner of Insurance, becoming the new regulatory body for the insurance industry. Its functions include regulating the insurance industry, safeguarding the interests of policyholders, and promoting the sustainable development of the insurance market;
In July 2024, the Hong Kong Insurance Authority officially implemented a risk-based capital regulatory regime, which will align the capital requirements of insurance companies more closely with their risk profiles, further enhancing the stability of the insurance industry in Hong Kong.
2025 年，香港保险业迎来了新一轮监管变革。2月，香港保监局发布《分红保险利益说明演示利率上限应用说明》，规定自7月1日起，港元分红保单演示利率上限下调至 6%，非港元分红保单则为 6.5%。
随后在7月底，香港保监局宣布自 2026年1月1日起，实施港险版 "报行合一" 政策，要求分红险首年佣金不得超过总佣金的 70%，剩余 30% 需在至少 5 年内平均分摊。这些政策旨在规范市场秩序，遏制激进演示行为，推动行业健康发展。
In 2025, the insurance industry in Hong Kong ushered in a new round of regulatory reforms. In February, the Hong Kong Insurance Authority issued the "Explanatory Notes on the Application of the Demonstration Interest Rate Cap for Participating Insurance Products", stipulating that from July 1, the demonstration interest rate cap for Hong Kong dollar participating insurance policies would be lowered to 6%, while for non-Hong Kong dollar participating insurance policies, it would be 6.5%.
Subsequently, at the end of July, the Hong Kong Insurance Authority announced the implementation of the "integration of quotation and execution" policy for Hong Kong insurance from January 1, 2026. It requires that the commission for the first year of participating life insurance should not exceed 70% of the total commission, and the remaining 30% should be amortized evenly over at least five years. These policies aim to regulate market order, curb aggressive demonstration behavior, and promote the healthy development of the industry.
20
25
香港保险
市场的新高度
图片来源香港保险圈
2025年一季度，全港新单保费为934亿港元，较2024年同期651亿港元，同比增长43.4%，环比增长86.2%
图片来源香港保险圈
按保单数计，一季度保单数为29.7万张，较2024年同期25.4万张，同比上升16.8%。
市场结构与产品创新
Market structure and product innovation
从保险公司排名来看，2025年第一季度，友邦以51亿港元的标准保费收入位居第一，市场占比达到9.9%。值得注意的是，作为中资保司代表的中国人寿今年表现非常优异，从去年的市场第五跃升至第二名，市场占比达到9.1%。
In terms of insurance company rankings, AIA ranked first in the first quarter of 2025 with standard premium income of HKD 5.1 billion, accounting for 9.9% of the market. It is worth noting that China Life, as a representative of Chinese-funded insurance companies, performed exceptionally well this year, rising from fifth place in the market last year to second place, with a market share of 9.1%.
从货币结构来看，美元保单占比高达81.8%，是大部分人的选择；港元占比是14.8%，人民币保单占比是2.4%。这表明大部分投保港险的客户是把它当做美元资产来配置的。
In terms of currency structure, US dollar insurance policies account for a whopping 81.8%, making them the choice for most people; Hong Kong dollar accounts for 14.8%, while RMB insurance policies make up 2.4%. This indicates that most customers who purchase Hong Kong insurance treat it as a US dollar asset for allocation.
市场增长的驱动因素
Driving factors of market growth
香港保险市场在2025年的火爆，除了政策因素外，还有诸多深层次的市场因素支撑。从内地访客需求角度来看，内地人身险产品预定利率的逐步下调，使得高净值人群的投资需求在内地市场难以得到充分满足。
The booming insurance market in Hong Kong in 2025 was supported by numerous deep-seated market factors, in addition to policy factors. From the perspective of mainland visitors' demand, the gradual downward adjustment of the predetermined interest rate for life insurance products in the mainland has made it difficult for the investment needs of high-net-worth individuals to be fully satisfied in the mainland market.
香港保险的核心优势
The core advantages of Hong Kong insurance
多元货币选择：通常可提供7至9种货币选择，涵盖英镑、美元、人民币、加元、澳元等主流币种
Multiple currency options: Typically, 7 to 9 currencies are available, including mainstream currencies such as the British pound, the US dollar, the Chinese yuan, the Canadian dollar, and the Australian dollar
保单分拆功能：可以一拆多，并结合更改受保人功能，将保单利益灵活分配给多位家人
Policy splitting function: It allows for splitting one policy into multiple ones, and in conjunction with the function of changing the insured person, it enables flexible allocation of policy benefits to multiple family membersPolicy splitting function: It allows for splitting one policy into multiple ones, and in conjunction with the function of changing the insured person, it enables flexible allocation of policy benefits to multiple family members
高保障设计：不断优化产品条款，增加保障疾病种类，提高轻症、中症赔付比例与次数
High-level protection design: Continuously optimize product terms, increase the types of covered diseases, and enhance the proportion and frequency of compensation for mild and moderate illnesses
从风险保障到财富管理的进化之路
The evolutionary path from risk protection to wealth management
未来，随着全球经济格局的变化和金融科技的深入应用，香港保险业将面临新的机遇和挑战。但无论环境如何变化，为客户提供专业、可靠的风险管理和财富规划服务，将始终是香港保险业的核心价值所在。
In the future, with the changes in the global economic landscape and the in-depth application of financial technology, the insurance industry in Hong Kong will face new opportunities and challenges. However, no matter how the environment changes, providing customers with professional and reliable risk management and wealth planning services will always be the core value of the insurance industry in Hong Kong.
以上就是香港保险180多年的发展历程，简要总结为6个阶段，下面为几个国际大保司入驻香港的时间
The above is a brief summary of the development history of Hong Kong's insurance industry over 180 years, which can be divided into six stages. Below are the timelines of several major international insurance companies entering Hong Kong
永明：1865 年成立，1892 年进入香港，截至 2025 年，已在香港发展 133 年
宏利：1887 年成立，1897 年进入香港，至今 128 年
友邦：1919 年成立，1931 年在香港成立分公司，若从设立分公司算，至今 94 年；若从 1947 年将总部迁往香港算，至今 78 年
保诚：1848 年成立，1964 年进入香港，至今 61 年
忠意：1831 年成立，1981 年进入香港，至今 44 年
安盛：1817 年成立，1995 年进入香港，至今 30 年 |
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