4
Financial and Monetary Affairs
Insurance
At the end of 2015, there were 157 authorised insurers, 86 of which were incorporated in Hong Kong while the remaining 71 were incorporated on the Mainland or in overseas jurisdictions.
During the past five years, the Hong Kong insurance industry achieved an average annual growth of 12.3 per cent. In 2015, total gross premiums amounted to $365.8* billion, representing an increase of 7.8 per cent over 2014. The total revenue premiums 12 of in-force long-term business rose 8.2 per cent to $319.8* billion. Individual life insurance remained the leading business, accounting for $293.5* billion, or 91.8 per cent, of total revenue premiums, while the corresponding number of policies stood at 11.5* million.
General insurance business rose in money terms to $46* billion from $43.6 billion in 2014, representing a 5.3 per cent increase in gross premiums. The growth was largely led by insurance policies relating to Accident and Health business (comprising Medical business) and General Liability business (comprising Employees' Compensation business). The overall underwriting performance of general insurance business declined from $3 billion to $1.7* billion.
At the end of 2015, there were 90,969 individual insurance intermediaries, comprising 9,397 Chief Executives or Technical Representatives (TRs) of 733 broker firms, 27,723 Responsible Officers or TRs of 2,493 agency firms, and 53,816 individual agents and their 33 TRs.
Statistics on Insurance Business
2013
2014
2015
Number of authorised insurers
155
158
157
Of which:
Incorporated in Hong Kong
85
86
86
Incorporated on the Mainland or
70
72
71
overseas
Premium income ($ billion)
299.5
339.3
365.8*
Total gross premiums
Of which:
Long-term in-force business
257.7^
295.7^
319.8*#
(Office/Revenue premiums)
General insurance
41.8
43.6
46.0*
(Gross premiums)
^ Office premiums
# Revenue premiums
* Provisional statistics
12 The premiums actually received during the financial year.
76