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People's Daily Online>>China Business

HK insurance gross premiums increase 12.6 pct

(Xinhua)

14:23, December 03, 2011

HONG KONG, Dec. 2 (Xinhua) -- Hong Kong's Commissioner of Insurance office announced on Friday that total gross premiums of the local insurance industry in the year's first three quarters amounted to 172.8 billion HK dollars, representing an increase of 12.6 percent over the same period in 2010.

Gross and net premiums of general insurance business rose 12.5 percent to 27.4 billion HK dollars and 10.1 percent to 19 billion HK dollars over a year earlier.

Overall underwriting profit also increased from 1.7 billion HK dollars to 2.1 billion HK dollars.

On direct business, gross and net premiums gained 7.9 percent to 20.5 billion HK dollars and 7.3 percent to 15.1 billion HK dollars, propelled again by Accident & Health business.

Yet, as a result of the slowdown in property transactions, gross and net premiums of Pecuniary Loss business dropped.

The underwriting profit of direct business slipped to 1.3 billion HK dollars in the first three quarters from 1.4 billion HK dollars in the corresponding period of 2010.

In respect of new policies issued to Chinese Mainland visitors, office premiums amounted to 4.6 billion HK dollars, representing 8. 2 percent of the total new office premiums for individual business. (one U.S. dollar = 7.78 HK dollars)

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