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Oct 2019

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Hong Kong: Insurance market grows at robust pace in Q1

Source: Asia Insurance Review | Jul 2019

The Hong Kong insurance industry grew by 12.3% in the first quarter of 2019, with total gross premiums reaching HK$148.8bn ($19bn) over the corresponding period in 2018, according to statistics released by the Insurance Authority at the end of May. Growth was faster than the 8.6% posted for the first three months of 2018.
 
The total amount of revenue premiums of long term in-force business was HK$132.2bn in 1Q2019 (increased by 13%). Revenue premiums of individual life and annuity (non-linked) business were HK$115.9bn (increased by 16.2%) while those of individual life and annuity (linked) business amounted to HK$6.6bn (decreased by 21.7%). In new business, new office premiums (excluding retirement scheme business) of long term business were HK$48.4bn (increased by 9.4%).
 
The gross and net premiums of general insurance business recorded in 1Q2019 were HK$16.6bn (increased by 7%) and HK$11.4bn (increased by 7.7%) respectively. Overall underwriting performance turned from a loss of HK$166m in the first quarter of 2018 to a profit of HK$44m in the first quarter of 2019.
 
In direct business, gross and net premiums reached HK$12.8bn (increased by 9.4%) and HK$8.8bn (increased by 10.1%) respectively. Accident and Health business (comprising medical business) continued to be the major contributor of premium growth. A 
 
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