Hong Kong: Total premiums rise by 10% to $73bn in 2019
Source: Asia Insurance Review | Nov 2020
The Hong Kong insurance industry reported total gross premiums of HK$566.9bn ($73.2bn) in 2019, marking year-on-year growth of 10.2%.
According to the latest figures from the Insurance Authority, total gross premiums and net premiums of general business increased by 4.4% to HK$55.4bn and by 8.6% to HK$37.7bn respectively.
Underwriting profit also rose to HK$869m in 2019 while gross claims incurred by authorised insurers related to the recent social events were HK$1.3bn and net claims were HK$411m.
The improved overall performance of the insurance industry was said to be driven by direct property damage business whose underwriting profit expanded from HK$199m in 2018 to HK$823m in 2019. A