Insurance News
- Insurance gross premiums up 4.3% in HK
Date: 7-Dec-2007 Sources: (Xinhua Online)
HONG KONG, Dec. 6 (Xinhua) -- Gross and net premiums for the general insurance business in Hong Kong in the January to September period rose 4.3 percent and 4.8 percent on a year earlier, to 18.8 billion HK dollars (2.4 billion U.S. dollars) and13.5 billion HK dollars, official figures released Thursday indicated.
The overall underwriting result fell to 1.8 billion HK dollars from 2 billion due to deteriorating claims experience and higher management expenses, according to the Office of the Commissioner of Insurance of Hong Kong.
On direct business, gross premiums rose 4.7 percent to 15.1 billion HK dollars and net premiums were up 5.2 percent to 11 billion HK dollars, primarily driven by medical business. Its gross premiums surged 20.2 percent to 3.6 billion HK dollars, and net premiums 19.2 percent to 3.3 billion.
Despite a rising number of insured vehicles, the motor vehicle business' performance continued to deteriorate as gross premiums fell 3.9 percent to 1.9 billion HK dollars.
The ships business benefited from a wider scope of vessels covered by the Merchant Shipping (Local Vessels) Ordinance with effect from July 2, and recorded an 11 million HK dollars rise in gross premiums, to 32 million HK dollars.
On reinsurance inward business, gross and net premiums grew 2.9percent to 3.7 billion HK dollars and 3.4 percent to 2.5 billion HK dollars, while underwriting profit improved from 827 million HK dollars to 890 million HK dollars, mainly due to the release of claims reserve.
Total revenue premiums of long-term, in-force business amounted to 123 billion HK dollars, representing a 26 percent rise on a year earlier. (One U.S. dollar = 7.786 HK dollars)
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