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Nov 2020

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Hong Kong: Total premiums rise by 10% to $73bn in 2019

Source: Asia Insurance Review | Nov 2020

The Hong Kong insurance industry reported total gross premiums of HK$566.9bn ($73.2bn) in 2019, marking year-on-year growth of 10.2%.
 
According to the latest figures from the Insurance Authority, total gross premiums and net premiums of general business increased by 4.4% to HK$55.4bn and by 8.6% to HK$37.7bn respectively. 
 
Underwriting profit also rose to HK$869m in 2019 while gross claims incurred by authorised insurers related to the recent social events were HK$1.3bn and net claims were HK$411m. 
 
The improved overall performance of the insurance industry was said to be driven by direct property damage business whose underwriting profit expanded from HK$199m in 2018 to HK$823m in 2019. A 
 
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