IA (Insurance Authority of Hong Kong) disclosed on 31/08/2020 its statistics of Hong Kong insurance market for the first half of 2020 with a total of Gross premium growing of almost 6% comparing to the same period of 2019.
General Insurance seeing its growth drive mainly by:
With the gross premiums increased by 5.3 % and net premiums increased by 4.1 %
Pecuniary Loss Business
gross premiums surged by 72.9 %
General Liability Business
increased by 7.3 %
Motor Vehicle Business
Increased by 4.3 %
Reinsurance Inward Business
Gross premiums increased by 23.8 % and net premiums increased by 25.4 %
The overall underwriting profit rose from HKD 432 million to HKD 624 million, driven by direct business generating an underwriting profit of HKD 756 million (raised by 35.5 %) due to improved performances of Accident & Health business as well as Employees’ Compensation business.