Total gross premiums reached HK$566.9bn ($73.2bn) in Hong Kong in 2019, a year-on-year growth of 10.2%, according to the Insurance Authority (IA).
Office premiums of in-force long term business were HK$511.5bn in 2019 (increased by 10.8% over 2018), continued to be dominated by the Individual Life category which contributed HK$440.2bn (increased by 3.3%) or 86.1% of the total.
On the other hand, the total office premiums of new Individual Life business hovered at HK$151.2bn (increased by 0.4%), derived from HK$139.4bn of Non-linked business (increased by 4.7%) and HK$11.8bn of Linked business (decreased by 32.4%).
Meanwhile, new Individual Annuity business surged markedly by 93.2% to HK$20.9bn, attributable to the fact that some 96,000 Qualifying Deferred Annuity Policies have been sold in the nine months running from 1 April to 31 December 2019 that brought in total premiums of HK$6.9bn.
General business
In 2019, total gross and net premiums of general business were HK$55.4bn (increased by 4.4%) and HK$37.7bn (increased by 8.6%) respectively, while underwriting profit rose from HK$583m in 2018 to HK$869m in 2019. Gross and net claims incurred by authorised insurers related to the recent social events were HK$1.3bn and HK$411m respectively.
Property Damage business recorded total gross premiums of HK$10.3bn (increased by 13.7%), benefitting from additional demands and hardening of rates on account of losses inflicted by super-typhoons in the past two years. Accident & Health business also registered gross premiums of HK$18.3bn (increased by 7.2%).
The regulator released the Hong Kong insurance business statistics for 2019 based on the compiled audited returns and actuarial information submitted by individual insurers.
The improved overall performance was driven by direct Property Damage business, whose underwriting profit expanded from HK$199m in 2018 to HK$823m in 2019, offset in part by losses for direct Motor Vehicle business which widened from HK$441m to HK$514m and direct Employees’ Compensation business from HK$150m to HK$260m in the same period due to adverse claims experience.
Some key indicators for the Hong Kong market are:
|
|
Unit
|
2019
|
2018
|
|
ECONOMIC DATA
|
|
|
|
|
GDP (at current market prices)
|
HK$ m
|
2,865,679
|
2,835,161
|
|
Population (Mid-year)
|
|
7,507,400
|
7,451,000
|
|
Per capita GDP (at current market prices)
|
HK$
|
381,714
|
380,507
|
|
INSURANCE MARKET STATISTICS
|
|
|
|
|
Premium Income
|
|
|
|
|
Term Business (Office premiums)
|
HK$ m
|
511,452
|
461,437
|
|
General Business (Gross premiums)
|
HK$ m
|
55,435
|
53,101
|
|
Annual Growth Rate
|
|
|
|
|
Long Term Business (Office premiums)
|
%
|
10.8
|
4.7
|
|
General Business (Gross premiums)
|
%
|
4.4
|
10.0
|
|
Insurance Density
|
|
|
|
|
Long Term Business
|
HK$
|
68,126
|
61,930
|
|
General Business
|
HK$
|
7,384
|
7,127
|
|
Insurance Penetration
|
|
|
|
|
Long Term Business
|
%
|
17.8
|
16.3
|
|
General Business
|
%
|
1.9
|
1.9
|
Source: HK Insurance Authority
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