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Economy fails to stop HK premium lift.
(From Insurance Day)
Byline: Edward Ion
HONG Kong's insurance industry generated slightly higher premiums in 2003 despite a sluggish economy, the territory's industry regulator said on Friday. Gross premiums in general insurance edged up 1% to HK$23.68bn (US$3.04bn), while net premiums were up 1.2% to HK$16.09bn, the Office of the Commissioner of Insurance said in a statement.
Overall underwriting profit rose nearly 4% to HK$1.7bn, with the property damage business accounting for nearly 47% of the profit. Total insurance benefits paid to individuals during the year rose 12.1% to HK$27.23bn.
The underwriting performance of the motor vehicle business and the general liability business, which includes statutory employees' compensation, also improved. General insurance also ...
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