Sompo is undergoing a leadership transition within its commercial property and casualty (P&C) operations in Hong Kong.
Chief executive officer Li Sheung Kin (S.K.) will retire after more than two decades with the company.
Li has served in several leadership roles and has been CEO since 2016. He will remain with the firm until the end of 2025 to support the leadership handover.
Alasdair Walker has been appointed to succeed Li, pending regulatory and immigration clearance.
In his forthcoming role, Walker will be tasked with advancing the Hong Kong office’s commercial insurance operations as a regional hub.
He will report to Kenneth Reilly, CEO of insurance for Asia Pacific and deputy CEO of commercial insurance at Sompo Japan.
Walker joined Sompo in 2023, following roles with a multinational insurer where he led distribution across several regions, including Europe, Africa, and Asia.
Commenting on the transition, Reilly acknowledged Li’s long-term contributions and expressed support for Walker’s appointment.
“I want to extend my heartfelt thanks to S.K. for his years of dedication and significant contributions to Sompo. We wish him the very best in his future endeavours,” he said. “I am also pleased to welcome Alasdair to the Hong Kong and Asia-Pacific leadership teams. With 15 years of international insurance experience across three continents in both underwriting and distribution, Alasdair is perfectly placed to oversee and execute our strategic plans in this important region for our insurance business.”
The executive shift comes amid projected growth in Hong Kong’s general insurance market.
Research firm GlobalData anticipates the market will reach HK$85.4 billion (US$10.9 billion) in gross written premiums (GWP) by 2029, based on a 5.1% compound annual growth rate.
The forecast is in line with provisional data released by the Hong Kong Insurance Authority (IA), which recorded HK$100.5 billion in GWP for 2024, including reinsurance. Direct premiums from general insurance reached HK$51.4 billion, with net premiums at HK$69.7 billion.
Health-related coverage continues to lead the market. Personal accident and health insurance is expected to account for 34.7% of premiums in 2025, bolstered by demand from both local residents and overseas buyers, including individuals from Mainland China and the Middle East.
According to GlobalData analyst Swarup Kumar Sahoo, demand is being shaped by both local and international consumer segments.
Property insurance premiums were HK$6.2 billion in 2024, with the segment forecasted to make up over 22% of the market by 2025. Insurers are adapting coverage to address rising climate-related risks such as flooding and typhoons, including the introduction of parametric solutions.
