Growth In Hong Kong Q1 Insurance Stats
by Mary Swire, Lowtax.net, Hong Kong
03 June, 2014
Total gross premiums reported by Hong Kong's insurance industry are up 12.8 percent year-on-year, according to provisional first quarter statistics from the Office of the Commissioner of Insurance.
Total gross premiums in the first quarter of 2014 amounted to HKD81.7bn. The greatest portion of total revenue premiums – those for long term in-force business – was HKD69.1bn in the first three months of 2013, having increased by 15.1 percent over the same period in 2013.
Total revenue premiums for individual life and annuity (non-linked) business increased by 24.4 percent to HKD51.6bn, but those for individual life and annuity (linked) business fell by 10.8 percent to HKD12.2bn. Contributions to retirement scheme business also dropped, albeit slightly, by 0.7 percent to HKD4.1bn.
New premiums (excluding retirement scheme business) for long term business for the first quarter of 2014 increased by 21.5 percent compared with the same period of 2013, to HKD27.4bn. In terms of new business premiums, individual life and annuity (non-linked) business increased by 35.6 percent to HKD23.8bn, but new premiums of individual life and annuity (linked) business decreased by 31.1 percent to HKD3.4bn
In respect of policies issued to Mainland Chinese visitors, new premiums amounted to HKD4.9bn, representing 18.2 percent of total new premiums for individual business in the first three months of 2014.
In the same period, general insurance business gross premiums recorded growth of 1.6 percent to HKD12.6bn, while net premiums decreased by one percent year-on-year to HKD8.7bn. Overall underwriting profit increased from HKD657m to HKD902m.A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
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