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Double-Digit Growth For Hong Kong's Insurers

by Mary Swire, LawAndTax-News.com, Hong Kong

17 March 2016


Hong Kong's Office of the Commissioner of Insurance has announced the territory's insurance sector grew in 2015, with total gross premiums up 10.9 percent year-on-year to HKD365.8bn (USD47.2bn).

The total revenue premiums of the long-term in-force business segment increased by 11.9 percent HKD319.8bn last year, compared with 2014.

Within that total, Individual Life & Annuity (Non-Linked) total premiums increased by 18.4 percent to HKD253.3bn, while Individual Life & Annuity (Linked) total premiums dropped 17.6 percent to HKD40.2bn. Retirement Scheme business contributions rose 15.2 percent to HKD22bn.

New office premiums (excluding retirement schemes) of long-term business increased by 15.1 percent in the year, to USD131.3bn, compared with 2014.

The continuing double-digit growth of the insurance sector will be seen as highly positive given Hong Kong's efforts to support the insurance sector, which is considered to be one of the major pillars of its financial services sector.

The Government has continued to take forward a number of key regulatory initiatives for the insurance sector, including the recent establishment of an independent Insurance Authority. It has also given captive insurance companies a profits tax concession of 50 percent – equivalent to that given to reinsurance companies - to encourage their formation in Hong Kong.

TAGS: Insurance | tax | business | law | financial services | insurance | corporation tax | captive insurance | Hong Kong | tax breaks | regulation | services

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