Hong Kong’s first quarter total gross premiums up 13.3%

Yet Hong Kong insurance industry’s overall underwriting profit declined from $559mn to $482mn.

The Hong Kong insurance industry's total gross premiums in the first quarter were $56.3 billion, up 13.3% over the same period last year.

According to provisional statistics the Office of the Commissioner of Insurance released on Tuesday, general insurance gross and net premiums rose 11.2% to $10.3 billion and 8.4% to $7 billion.

Overall underwriting profit declined from $559 million to $482 million.

On direct business, gross and net premiums gained 9.6% to $7.6 billion and 8.9% to $5.6 billion in this year’s first quarter, compared with the same period last year, propelled by accident and health business whose gross and net premiums were $2.9 billion and $2.4 billion, according to a Office of the Commissioner of Insurance report.

General liability business recorded gross and net premiums of $1.7 billion and $1.3 billion, and motor vehicle business of $812 million and $650 million also contributed to the premium growth.

Direct business underwriting profit dipped to $370 million in the first quarter from $383 million in the corresponding period last year.

Individual life and annuity (non-linked) business revenue premiums and individual life and annuity (linked) business went up 21.9% to $29.9 billion and 24% to $12.3 billion. Retirement scheme business contributions plunged 43% to $3 billion.

Excluding retirement scheme business, new office premiums of long-term business for the first quarter rose 32.1% to $16.9 billion compared with the same period last year.