Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Dec 2022

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 
 
| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.