Name
Global FinTech Guide
Country _ Name
Hong Kong
SectionTitle
InsurTech
Body
InsurTech is composed of the words “insurance” and “technology”. It is used as a collective term for the application of modern technologies in the domain of insurance services.

Digital and mobile brokers: FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short-term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Oftentimes additional consulting services are offered.

Internet of things: FinTechs belonging to this category collect data by measuring for example the driving style of the customers or through wearables the customers wear to consult on, offer and/or manage the customer’s insurances.

Introduction

Attitude of the country towards InsurTech-services

There is a supportive environment in Hong Kong. Insurance activities, regardless of the medium used, are regulated under the Insurance Ordinance ('IO') and the Hong Kong Insurance Authority ('IA') is the statutory body which regulates and supervises the insurance industry in Hong Kong. The IA has launched initiatives to promote InsurTech development in Hong Kong, including the InsurTech Sandbox for testing innovative applications of new technology, fast track authorisation of new insurers owning and operating solely digital distribution channels, setting up InsurTech Facilitation Team for liaising with the technology and insurance communities, and setting up a Working Group on embracing FinTech in Hong Kong under Future Task Force.

In addition, the Hong Kong government supports the development of InsurTech and has established an Enterprise Support Scheme under the Innovation and Technology Fund. This scheme encourages private sector investment in research and development activities by granting up to HK$10 million for each approved project in various technology areas including InsurTech.

As highlighted by the Insurance Authority in their InsurTech Initiatives 2024, they strive to facilitate the nurturing of FinTech talent by incorporating efforts on Enhanced Competency Framework on Fintech (ECF-Fintech), Fintech Career Accelerator Scheme (FCAS). They also aim to foster collaboration with initiatives including new FinTech Adoption Roadmap and HKMA CDI Initiative Collaboration. They envision an open API central register with other regulatory interface schemes.


Legal affairs

Obligations and requirements to provide InsurTech-services

There are no specific regulatory or licensing requirements for the provision of InsurTech services in Hong Kong. Companies are free to adopt new technology within the existing laws, rules, and regulations.
The carrying on of a 'regulated activity' as defined in the IO, however, requires a licence.
A person carrying on a 'regulated activity' as defined in the IO requires a licence.
Further information about the IA's licensing requirements is available on its website: https://www.ia.org.hk/en/supervision/reg_ins_intermediaries/licence_application.html.

Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area

N/A


Economic conditions

Market size for InsurTech-services and biggest companies in this business area

There is no publicly available information.

As far the insurance industry in Hong Kong is concerned, according to the information published by the IA, as of 31 March 2025, there were 157 authorised insurers, 1,561 licensed insurance agencies, 23,680 licensed technical representatives (agent), 802 licensed insurance broker companies and 11,448 licensed technical representatives (broker). In 2023, the total gross premiums of the Hong Kong insurance industry increased to HK$542.1 billion (approx. US$69 billion).

Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area

N/A



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