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The Office of the Commissioner of Insurance today (November 29) released provisional statistics of the Hong Kong insurance industry for the first three quarters of 2013.
Total gross premiums of the Hong Kong insurance industry in the first three quarters of 2013 amounted to $216.8 billion, representing an increase of 14 per cent over the corresponding period in 2012.
The total amount of revenue premiums of long-term in-force business was $183.5 billion in the first three quarters of 2013, increasing by 15 per cent over the same period of 2012.
Revenue premiums of Individual Life and Annuity (Non-Linked) business and Individual Life and Annuity (Linked) business increased by 17.1 per cent to $127.6 billion and by 12.5 per cent to $40.9 billion respectively. Contributions of Retirement Scheme business grew by 4.8 per cent to $12.6 billion.
New office premiums (excluding Retirement Scheme business) of long-term business for the first three quarters of 2013 increased by 19.8 per cent to $68.6 billion compared with the same period of 2012. Both Individual Life and Annuity (Non-Linked) and Individual Life and Annuity (Linked) business recorded premium growth, with the former increased by 19.7 per cent to $54.0 billion and the latter increased by 20.7 per cent to $14.3 billion in terms of new office premiums.
In respect of policies issued to Mainland visitors, new office premiums amounted to $10.2 billion, representing 14.9 per cent of the total new office premiums ($68.5 billion) for individual business in the first three quarters of 2013.
In the first three quarters of 2013, gross and net premiums of general insurance business recorded a growth of 9.1 per cent to $33.3 billion and 11.3 per cent to $23.5 billion respectively compared with the corresponding period in 2012. Overall underwriting profit also recorded an increase from $2.1 billion to $2.2 billion.
On direct business, gross and net premiums increased by 9.7 per cent to $25 billion and 11 per cent to $18.7 billion respectively in the first three quarters of 2013 compared with the corresponding period in 2012, mainly driven by General Liability business (comprising Employees' Compensation business) and Accident and Health business (comprising Medical business). The former recorded gross and net premiums of $7.4 billion and $5.7 billion respectively, while the latter recorded $8.8 billion and $7.3 billion respectively.
The underwriting profit of direct business increased to $1.7 billion in the first three quarters of 2013 from $1.4 billion in the corresponding period in 2012. The underwriting profit of Property Damage business rose significantly from $177 million to $373 million and the underwriting profit of Accident and Health business also increased from $438 million to $509 million.
On reinsurance inward business, gross and net premiums increased from $7.7 billion to $8.3 billion and from $4.2 billion to $4.8 billion respectively in the first three quarters of 2013 compared with the corresponding period in 2012. Nevertheless, the underwriting profit reduced from $693 million to $470 million, primarily due to adverse claims experience.
A summary of provisional statistics of the Hong Kong insurance business for the first three quarters of 2013 is in the annex. Further details can be downloaded from the website of the Office of the Commissioner of Insurance: www.oci.gov.hk.
Ends/Friday, November 29, 2013
Issued at HKT 15:00
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