HK's insurance gross premiums up 12.7 pct in 2012

Hong Kong insurance industry's gross premiums increased 12.7 percent to 263.3 billion HK dollars (about 33.97 billion U.S. dollars) in 2012, the city's Office of the Commissioner of Insurance announced Monday.

For long-term insurance business, office premiums of new Individual Life business grew 7.7 percent to 75.3 billion HK dollars, according to the figures released.

In respect of in-force long-term business, total office premiums increased 12.7 percent to 224.1 billion HK dollars. Yearly contributions for retirement scheme contracts administered by insurers increased nearly 15 percent.

General insurance business recorded a year-on-year increase in gross and net premiums. The rise in gross premiums was mainly contributed by general liability business.

The general insurance business overall underwriting profit decreased to 2 billion HK dollars, mainly due to adverse claims experience. (1 U.S. dollar = 7.75 HK dollars)