Levy Notice

From 1 January 2018, the Insurance Authority (“IA”) will start collecting a premium levy on insurance premiums from policy holders through insurance companies for all new and renewed policies. The levy will be applied on an incremental basis to minimize the impact on policyholders. The levy rate will start at 0.04% of the insurance premium in Phase 1, and increase gradually until it reaches 0.1%, subject to a cap.

We set out below the respective levy and cap applicable to General Insurance business.

The levy shall apply to all types of insurance policies except reinsurance contracts, marine, aviation and goods-in-transit business.

As such, we will be collecting the applicable levy from policyholders for remittance to the IA and the applicable levy will be reflected on the policy schedule and renewal notice. For further details, please refer to the IA’s office website at: https://www.ia.org.hk

If you have any questions, please contact your Allianz representative or the Market Management team.