Hong Kong: Insurance sector grows by 7% in 1H2018
Source: Asia Insurance Review | Oct 2018
Total gross premiums in Hong Kong reached HK$253.7bn ($32.3bn), an increase of 7.2% in the first six months of this year over the corresponding period in 2017, according to provisional statistics released by the Insurance Authority (IA).
The total amount of revenue premiums of long term in-force business was HK$225.8bn in the first half of 2018 (increased by 6.9%). New office premiums (excluding Retirement Scheme business) of long term business were HK$84.1bn (increased by 3.9%).
New office premiums in respect of policies issued to mainland visitors totalled HK$22.3bn (decreased by 26.6%), accounting for 26.6% of the total new office premiums for individual business. Among these new policies, about 95% were medical or protective in nature, such as critical illness, medical, whole life, term life and annuity products.
The gross and net premiums of general insurance business recorded in the first half of 2018 were HK$27.9bn (increased by 9.6%) and HK$19.3bn (increased by 9.5%) respectively. Overall underwriting performance recorded a profit of HK$306m (decreased by 17.1%). A