HK insurance industry's H1 premiums grow 14%

Updated: 2011-09-01 15:40


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HONG KONG -- The total gross premiums of the Hong Kong insurance industry in the first half of this year grew 14 percent over the same period in 2010 to HK$114.7 billion ($18 billion), the city's Office of the Commissioner of Insurance said Wednesday.

Gross and net premiums of general insurance business rose by 12.7 percent to HK$18.7 billion and 10.1 percent to HK$12.9 billion respectively compared with the same period in 2010.

Overall underwriting profit increased from HK$1.3 billion to HK$1.5 billion.

The Office also said the underwriting profit of direct business remained flat at HK$964 million in the first half of 2011, compared to HK$962 million in the corresponding period of 2010.

In respect of new policies issued to Chinese mainland visitors, office premiums amounted to HK$2.9 billion, representing 7.5 percent of the total new office premiums for individual business in the first half of this year.