HK Insurance Industry Grows 3.1% in First Half of 2003

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Last updated at: (Beijing Time) Tuesday, August 26, 2003

HK Insurance Industry Grows 3.1% in First Half of 2003

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The gross and net premiums of Hong Kong's general insurance business recorded a growth of 3.1 percent and 3.6 percent respectively in the first half of 2003, compared with the same period of 2002, according to the statistics released by the Hong Kong Office of the Commissioner of Insurance (OCI) Monday.

As compared with the corresponding period of 2002, the overall underwriting profit of general insurance business improved from 332 million Hong Kong dollars (42.56 million US dollars) to 810 million Hong Kong dollars (103.85 million US dollars).

Property Damage business alone accounted for an underwriting profit of 453 million Hong Kong dollars, which was attributable toa lowering in both the commissions and claims ratios.

The underwriting performance of Motor Vehicle business and General Liability business (mainly Employees' Compensation business) also improved. Motor Vehicle business reduced its loss from 87.9 million Hong Kong dollars to 16.5 million Hong Kong dollars, while General Liability business improved from a loss of 103 million Hong Kong dollars to a profit of 43.2 million Hong Kong dollars.

In respect of long term business, the total revenue premiums oflong term in-force business collected by the insurance industry amounted to 35,148 million Hong Kong dollars in the first half of 2003, an increase of 11.6 percent over the same period of 2002.

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