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Hong Kong's insurance premiums up 11.7% in Q1

Jun. 1, 2012 (China Knowledge) - The total gross premiums of the Hong Kong Administrative Region increased 11.7% YoY to HK$62.8 billion in the first quarter of this year, according to the latest statistics from the Office of the Commissioner of Insurance.

The general insurance business recorded gross premiums of HK$10.9 billion in the first three months, 6.4% more than in the same period of last year, and net premiums rose 8.6% YoY to HK$7.6 billion.

The insurance industry's overall underwriting profit increased to HK$852 million from HK$482 million from Q1 of 2011.

As for direct business, gross premiums increased 10.5% YoY to HK$8.4 billion in Q1, and net premiums grew 11.1% to HK$6.3 billion during the period.

The office also said the underwriting profit of direct business was HK$634 million in Q1, up from HK$370 million in the corresponding period of 2011.

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