Hong Kong Insurance Turnover Rises Significantly
The Office of the Commissioner of Insurance has released provisional statistics for the Hong Kong insurance industry for the first three quarters of 2013, which show that its total gross premiums amounted to HKD216.8bn (USD28bn), representing an increase of 14 percent over the corresponding period in 2012.
The greatest portion of total revenue premiums, those for long term in-force business, was HKD183.5bn in the first nine months of 2013, increasing by 15 per cent over the same period last year. Total revenue premiums for individual life and annuity business, non-linked and linked, increased by 17.1 percent to HKD127.6bn and by 12.5 percent to USD40.9bn, respectively.
Contributions to retirement scheme business grew more slowly, by 4.8 percent to HKD12.6bn.
New premiums (excluding retirement scheme business) for long term business for the first three quarters of 2013 increased by 19.8 percent to HKD68.6bn, compared with the same period of 2012. Both individual life and annuity, non-linked and linked, business recorded new premium growth, with the former increasing by 19.7 percent to HKD54bn and the latter increasing by 20.7 percent to HKD14.3bn.
In respect of policies issued to Mainland Chinese visitors, new premiums amounted to HKD10.2bn, representing 14.9 percent of total new premiums for individual business in the first nine months of 2013.
In the same period, gross and net premiums of general insurance business recorded a growth of 9.1 percent to HKD33.3bn and 11.3 percent to HKD23.5bn, respectively, compared with the corresponding period in 2012. Overall underwriting profit also showed an increase from HKD2.1bn to HKD2.2bn.