HK insurance business witnesses remarkable growth

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Last updated at: (Beijing Time) Thursday, November 27, 2003

HK insurance business witnesses remarkable growth

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The overall underwriting profit of the Hong Kong general insurance business in the first three quarters of 2003 was double that of the same period last year, according to provisional statistics released by the Office of the Commissioner of Insurance on Thursday.

Gross and net premiums of the general insurance business increased by 4.1 percent and 4.5 percent respectively, to 18.6 billion HK dollars (2.39 billion HK dollars) and 12.56 billion HK dollars (1.61 billion HK dollars).

The overall underwriting profit of the general insurance business during the first three quarters of 2003 was 1.23 billion HK dollars (158 million US dollars), compared with 604 million HK dollars (77.8 million US dollars) in the same period of 2002.

Property Damage business continued to be the most profitable area of the industry, accounting for an underwriting profit of 600million HK dollars (77.3 million US dollars).

The underwriting performance of the two major classes of insurance business -- Motor Vehicle and General Liability (including statutory Employees' Compensation business) - improved.

The underwriting loss of Motor Vehicle business was reduced to 45 million HK dollars (5.79 million US dollars) from 151 million HK dollars (19.45 million US dollars), due to an improvement in the net claims incurred ratio and a reduction in the commission ratio.

For revenue premiums of major classes, Individual Life and Annuity (Non-Linked) business grew by 20.5 percent to 32.75 billion HK dollars (4.22 billion HK dollars). Individual Life and Annuity (Linked) business increased by 1.3 percent to 9.47 billion HK dollars (1.22 billion US dollars).

During the same period, total insurance benefits paid to individuals during the period increased by 7.6 percent to 19.32 billion HK dollars (2.48 billion US dollars).

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