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Jun 2019

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Macau: Gross insurance premiums surged 54% to US$1.3 bln in 1H

Source: Asia Insurance Review | Oct 2016

Macau’s insurance sector saw business expand by 54.2% year-on-year for the first half of the year with total gross premiums of MOP10.4 billion (US$1.3 billion), according to the Monetary Authority of Macau.
 
   For the first six months of this year, the life insurance market raked in total gross premiums of MOP9.3 billion, an increase of 65% year-on-year when compared to the MOP5.7 billion posted in the same period a year ago.
 
   Meanwhile, gross life insurance payouts remained flat at MOP1.3 billion during the period. Of the total, claims for death accounted for 35%, reaching MOP431.8 million, followed by insurers’ dividends and maturity to policyholders, at MOP336.7 million and MOP301.2 million, respectively.
 
   Non-life insurers saw flat business in the first half of the year when gross premiums amounted to MOP1.19 billion, down by MOP614,000 from the corresponding period last year. The non-life sector reported a year-on-year decrease of 3.7% in gross claims to MOP345.6 million in the six months.
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