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Hong Kong: Insurance sector records 13.9% increase in 2013 gross premiums

March 18, 2014 - 6:09am

Hong Kong's insurance sector recorded a 13.9% year-on-year increase in total gross premiums to $290.7 billion Hong Kong ($37.5 billion) in 2013, the Office of the Commissioner of Insurance said.

Gross and net premiums of general insurance business grew 7.1% and 8%, respectively, Asia Insurance Review reported.

The underwriting profit of property damage business rose to HKD 562 million ($72.4 million) from HKD 429 million ($55.3 million).

Net premiums of reinsurance inward business increased from HKD 5.7 billion ($735.3 million) to HKD 6.2 billion ($799.8 million).

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