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    Market Performance of Hong Kong Insurance Industry in the First Half of 2013

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    The Office of the Commissioner of Insurance (OCI) released on 30 August 2013 the provisional statistics of the Hong Kong insurance industry for the first half of 2013.

    According to the OCI’s statistics, the total gross premiums of the Hong Kong insurance industry recorded a growth of 14.5% to HK$143.7 billion, compared with the corresponding period in 2012. With respect to long term business, the total amount of revenue premiums of long term in-force business increased by 14.9% to HK$120.9 billion in the first half of 2013. A mild increase of 2.6% to HK$8.2 billion is recorded in the contribution of retirement scheme business.

    In particular, it is noted that new office premiums in respect of policies issued to Mainland Chinese visitors amounted to HK$6 billion, accounting for 13.1% of the total new office premiums for individual business in the first half of 2013.

    With regard to general insurance business, the gross premiums for the first half of 2013 recorded a growth of 12.5% to HK$22.8 billion. However, the overall underwriting profit suffered a decline of 4.2% from HK$1.59 billion to HK$1.52 billion due to the decrease in underwriting profit of Goods in Transit business and the adverse claims experience on reinsurance inward business.

    Further details and a summary of provisional statistics of the Hong Kong insurance business for the first half of 2013 can be found at the OCI’s website here.

    Source: The Office of the Commissioner of Insurance

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