The Office of the Commissioner of Insurance in Hong Kong has announced that in Q1 of 2010, gross premiums for general (non-life) insurance business grew 16.2% to HK$9.2 billion and net premiums grew 14.4% to HK$6.5 billion compared to Q1 of 2009. However, overall underwriting profits declined from HK$694 million to HK$559 million.
Gross direct business premiums grew 6.9% (6.4% net) compared to Q1 of 2009. However, underwriting profits for direct business dropped from HK$483 million to HK$383 million as overall claims experience worsened in Q1 of 2010.
Gross premiums for reinsurance inward business increased from HK$1.4 billion to HK$2.3 billion (HK$786 million to HK$1.3 billion net). Total insurance benefits paid to individuals also grew by 3.4% to HK$14.7 billion.