HSBC's general insurance business has grown 30 per cent in the first nine months this year compared with the same period a year ago.
The company has also recorded 15 per cent annualised growth in its personal life insurance business.
HSBC Insurance (Asia Pacific) Holdings chief executive Robert Hubbard said the strong growth was because the company had put more effort into promoting personal insurance products.
Until recent years, the insurer had focused on selling insurance products for corporate clients, such as group life insurance and pension plans. Now it had shifted more emphasis on to personal insurance products such as life insurance, personal accident insurance and home contents insurance.
Mr Hubbard was optimistic about the future growth of the group's insurance business. 'Many Hong Kong people are under-insured,' he said. 'There are a lot of business opportunities for the insurance companies.'
In Hong Kong, only 57 per cent of the population has bought life insurance policies, compared with more than 90 per cent in the United States and Japan.