Macau’s insurance industry posted stronger overall results in 2024, with higher gross premiums and improved profitability across life and general segments, according to data from the Monetary Authority of Macao.
Total premiums reached 38.94 billion Macanese pataca (MOP) or $4.67 billion in 2024, up from 37.06 billion MOP ($4.45 billion) in 2023, reflecting a 5% year-over-year increase.
Yearly profitability declined overall despite rising revenue. The sector reported total profits of 4.59 billion MOP ($0.55 billion) in 2024, down from 6.96 billion MOP ($0.83 billion) in 2023. The shift indicates lower—but still healthy—returns amid evolving market conditions.
Life insurance drives premium growth
The life insurance segment contributed 36.01 billion MOP ($4.32 billion) in gross premiums in 2024, a 5.2% rise from 34.21 billion MOP ($4.11 billion) in 2023. This uptick underscores continued demand for life cover within Macau’s insurance market.
General insurance remains a stable contributor
General insurance premiums totaled 2.93 billion MOP ($0.35 billion) in 2024, up 2.9% from 2.85 billion MOP ($0.34 billion) in 2023. Profitability in the general segment remained steady, with profits near unchanged at about 503 million MOP ($0.06 billion).
Overall market implications
The 5% growth in gross premiums signals sustained demand across both life and non-life lines in Macau.
The decline in total profits suggests that underwriting profitability and market pricing may have faced headwinds despite higher premium volumes.
The life segment’s stronger premium performance points to continued consumer interest in long-term protection products.
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