Hong Kong insurance industry total gross premiums in 2013 amounted to $299.5 billion, up 13.7% over 2012, the Office of the Commissioner of Insurance announced today.
Long-term insurance business premiums amounted to $88.8 billion, up 17.9%.
Both Individual Life (Non-Linked) business and Individual Life (Linked) business recorded premium growth, with the former's new office premiums increasing 19.7% to $69.6 billion and the latter increasing 11.8% to $19.1 billion. Total new policies fell 3.8% to 1,028,724.
For in-force business, $257.7 billion in total office premiums was recorded, up 15%. The Individual Life category remained the dominant line of business, making up $240.7 billion or 93.4% of the total business. Group Life business premiums rose 36.2% to $2.7 billion.
The Annuity & Other businesses (mainly the Permanent Health business) premiums rose 60.3% to $6 billion.
The general insurance business recorded increases in the gross and net premiums by 6.6% to $41.8 billion and 6.9% to $28.9 billion respectively year-on-year. The overall retention ratio slightly increased from 68.9% to 69%.
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