The Office of the Commissioner of Insurance in Hong Kong (the OCI) reported that the Hong Kong insurance market posted a total underwriting profit of HK$2.2 billion (US283.5 million) for 2009. This represents a 46.6% increase over 2008. Overall, the sector enjoyed growth in general insurance (gross premiums increased by 5.7% to HK$28.6 billion and net premiums by 7.1% to HK$20.5 billion compared with the previous year, although the overall business growth was offset by a fall in marine business and goods-in-transit business), and non linked individual life and annuity lines (business rose 11.3% to HK$91.2 billion in 2009). However, linked individual life and annuities saw significant drops (business fell 33.4% to HK$37.7 billion in 2009).

In addition, the OCI reported that in the reinsurance sector, gross and net premiums in 2009 increased by 7.2% and 10.9% respectively, to HK$5.8 billion and HK$3.5 billion.

A copy of the OCI’s press release can be viewed by clicking here.