Hong Kong: General insurance market sees 220% jump in underwriting gains in 1H2022
Source: Asia Insurance Review | Oct 2022
The Hong Kong general insurance sector posted a surge of over 220% in overall underwriting profit to HK$2,545m ($324m) in 1H2022 from HK$794m in the corresponding period in 2021, according to statistics from the Insurance Authority.
The underwriting profits jumped on gross premiums of HK$35.2bn in the first half of this year (a 5.5% increase year on year) and net premiums of HK$22.5bn (increased by 1.7%). Total gross claims payments by general insurers reached HK$13.7bn (decreased by 8.1%).
In reinsurance inward business, the gross and net premiums were HK$9.1bn (increased by 9.2%) and HK$4.5bn (increased by 2.8%) respectively, driven by new business in Ships business and Pecuniary Loss business. The overall underwriting profit rose from HK$37m to HK$774m, with the net claims incurred ratio lowered from 67.8% to 47.7%.
Overall, however, the Hong Kong insurance market contracted in the first half of 2022, with total gross premiums decreasing by 2.3% to HK$299.9bn ($38.2bn). A