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Total Gross Premiums of HK Insurance Industry Up 22.7% YoY
The Office of the Commissioner of Insurance today (March 24) total gross premiums of the Hong Kong insurance industry in 2016 amounted to $448.8 billion, representing an increase o...
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Total Gross Premiums of HK Insurance Industry Up 22.7% YoY
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The Office of the Commissioner of Insurance today (March 24) total gross premiums of the Hong Kong insurance industry in 2016 amounted to $448.8 billion, representing an increase of 22.7 per cent over 2015.
The total amount of revenue premiums of long-term in-force business was $403.2 billion in 2016, increasing by 26.1 per cent over 2015. Revenue premiums of Individual Life and Annuity (Non-Linked) business increased by 36.2 per cent to $344.9 billion whereas Individual Life and Annuity (Linked) business decreased by 28.9 per cent to $28.6 billion. Contributions of Retirement Scheme business grew by 13.9 per cent to $25.1 billion.
New office premiums (excluding Retirement Scheme business) of long-term business for 2016 increased by 41.3 per cent to $185.5 billion compared with 2015. Individual Life and Annuity (Non-Linked) business increased by 48.7 per cent to $179.1 billion. On the other hand, new office premiums of Individual Life and Annuity (Linked) business decreased by 43.9 per cent to $5.7 billion.
In 2016, gross and net premiums of general insurance business decreased by 0.7 per cent to $45.6 billion and 2 per cent to $31.5 billion respectively compared with 2015. Overall underwriting profit decreased from $1.7 billion to $1.6 billion.
On direct business, gross premiums increased slightly by 0.4 per cent to $35 billion whilst net premiums decreased by 3.4 per cent to $24.8 billion in 2016 compared with 2015. The growth in gross premiums was mainly attributable to both Accident & Health business (comprising Medical business) and Property Damage business. The former recorded a growth in gross premiums from $12.9 billion to $13 billion while the latter recorded a growth in gross premiums from $4 billion to $4.1 billion. Such increase, however, was partly offset by the decrease in gross premiums in General Liability business (comprising Employees' Compensation business) from $9.6 billion to $9.4 billion.
The underwriting profit of direct business decreased to $1.1 billion in 2016 from $1.3 billion in 2015. Whilst the underwriting performance of Ships business turned around from a loss of $198 million to a profit of $269 million, the underwriting performance of General Liability business turned from a profit of $314 million to a loss of $126 million. The underwriting profit of Goods in Transit business and Pecuniary Loss business also decreased from $315 million and $277 million to $204 million and $212 million respectively. In addition, the underwriting loss of Motor Vehicle business widened from $198 million to $262 million.
On reinsurance inward business, gross premiums decreased from $11.1 billion to $10.7 billion whilst net premiums increased from $6.5 billion to $6.7 billion in 2016 compared with 2015. The underwriting profit increased from $444 million to $487 million.
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