Insurance premiums surge 10% to $190.1b

Industry is alive and kicking.

According to a release, the total gross premiums of the Hong Kong insurance industry amounted to $190.1 billion in the first three quarters of 2012, up 10% year on year, the Office of the Commissioner of Insurance announced.

Gross and net premiums of general insurance business recorded growth of 11.3% to $30.5 billion and 11.4% to $21.1 billion. Overall underwriting profit was maintained at $2.1 billion, which is on a par with that in 2011.

For direct business, gross and net premiums increased by 11% to $22.8 billion and 11.6% to $16.9 billion, mainly driven by growth in general liability, accident and health, and property damage businesses.

The total amount of revenue premiums of long term in-force business was $159.6 billion in the first three quarters of 2012, increasing by 9.8% over the same period in 2011.

Premiums for non-linked individual life and annuity business increased by 13.3% to $108.9 billion, whereas linked individual life and annuity business decreased by 1.9% to $36.3 billion. Contributions of retirement scheme business grew by 19.7% to $12 billion.

New office premiums of long term business, excluding retirement schemes, increased slightly by 1.3% to $57.3 billion. New office premiums for non-linked individual life and annuity business increased by 14.5% to $45.1 billion, while those of linked individual life and annuity dropped by 29.7% to $11.9 billion.