The Office of the Commissioner of Insurance has released provisional statistics for Hong Kong’s insurance industry, showing that its total gross premiums were HKD207.2bn (USD26.6bn) in 2010, representing an increase of 11.6% over the previous year.
In 2010, gross and net premiums of general insurance business recorded a growth of 9.8% to HKD31.4bn, and 6.9% to HKD21.9bn, respectively, compared with 2009. The overall underwriting performance also recorded a rise in profit from HKD2.2bn in 2009 to HKD2.6bn in 2010.
On direct business, gross and net premiums gained 6% to HKD24.1bn, and 3.8% to HKD17.7bn, respectively, in 2010 compared with 2009, largely due to the increase in accident and health business (also comprising medical insurance). The underwriting profit of direct business increased from HKD1.4bn in 2009 to HKD1.9bn in 2010.
In addition, in 2010, revenue premiums of individual life and annuity (non-linked) business and individual life and annuity (linked) business increased by 16.2% to HKD105.9bn, and by 18.3% to HKD44.5bn, respectively, when compared with 2009.
A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.aspTags: offshore | investment | business | insurance | Hong Kong | Hong Kong
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