FuSure Reinsurance has secured a long-term insurance authorization from the Hong Kong Insurance Authority (HKIA), obtaining both Class A and Class D licenses.
The authorization also upgrades the company’s existing general insurance operations to a composite license. FuSure said that the approval marks a shift in the company’s operating status and supports its strategic expansion within the reinsurance sector.
Established in 2021, FuSure has built its reinsurance operations in the Greater China region with a focus on low-volatility personal risks, including health and accident coverage.
The company has been expanding its portfolio to include areas such as auto, pet, cybersecurity, and liability insurance, and it has plans to broaden its product offerings and enter additional international markets.
With the new licensing in place, FuSure said it will use Hong Kong’s position as a global financial center to support its international growth plans. The company aims to connect insurance markets in Mainland China with broader international markets and expand its risk management and insurance product offerings.
Last year, the company retained its A- (Excellent) financial strength rating and the “a-” (Excellent) long-term issuer credit rating from AM Best.
Hong Kong's reinsurance sector has demonstrated resilience and growth throughout 2024, marked by regulatory advancements and strategic developments.
The market primarily comprises life reinsurance businesses, which has experienced a compound annual growth rate (CAGR) of 15% over the past decade. As of the latest tally, the market included 16 professional reinsurance companies, most operating as composite reinsurers.
In the first quarter of 2024, Hong Kong's re/insurance industry reported total gross premiums of HK$165.1 billion, a 12.2% increase compared to the same period in 2023. Long-term business contributed HK$144.3 billion, while general business accounted for HK$20.8 billion.
By the first half of 2024, total gross premiums rose by 5.1% year-on-year to HK$310.9 billion. Long-term business premiums were HK$273 billion, and general business premiums reached HK$37.9 billion.
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