Posted on Jun 01, 2010 by Sergio Ulloa
In a recent announcement, the Office of the Commissioner of Insurance of Hong Kong reported that the total Q1 gross premiums of the insurance industry in Hong Kong grew 16.2 percent to US$1.18 billion (EUR 959 million), compared to the same period last year.
The Q1 growth reported for net premiums reached US$833 million (EUR 678 million), an increase of 14.4 percent year-on-year, whilst the overall underwriting performance declined in profit to US$71.7 million (EUR 58.3 million).
Gross and net premiums on direct business grew by 6.9 percent and 6.4 percent, to US$897 million (EUR 730 million) and US$666.7 million (EUR 542 million), respectively. Leading this growth were the accident and health business.
The underwriting profits of direct business fell 26.1 percent from US$61.9 million (EUR 50.3 million) to US$49.1 million (EUR 39.2 million) mostly due to a worsening of the overall claims experience during the first quarter. The medical business profit decreased from US$11.28 million (EUR 9.17 million) to US$2.1 million (EUR 1.67 million), whilst general liability business (non-statutory) shrank from US$10.5 million (EUR 8.6 million) to US$3.97 million (EUR 3.23 million).
The Q1 total revenue of long-term in-force business premiums increased 9.3 percent to US$5.18 billion (EUR 4.21 billion), compared to the same period last year.