THURSDAY, OCTOBER 7, 1982
PROVISIONAL RESULTS OF THE 1980 CENSUS OF INSURANCE SERVICES
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PROVISIONAL RESULTS OF THE FIRST BENCHMARK ECONOMIC CENSUS ON THE INSURANCE SECTOR CONDUCTED IN 1981 FOR THE REFERENCE YEAR 1980 WERE RELEASED TODAY BY THE CENSUS AND STATISTICS DEPARTMENT.
THE CENSUS COVERED ALL INSURERS (ASSURERS) AND REINSURERS, INSURANCE AGENTS AND BROKERS, AND OTHER INSURANCE SERVICES, EXCEPT OVERSEAS INSURANCE COMPANIES WITHOUT BRANCH OR REPRESENTATIVE OFFICES IN HONG KONG BUT OPERATING THROUGH AGENTS, AND SELF-EMPLOYED INSURANCE AGENTS NOT REGISTERED WITH THE BUSINESS REGISTRATION OFFICE.
TABLE 1 (WHICH IS ATTACHED TOGETHER WITH TABLE 2) SUMMARISES THE PROVISIONAL STATISTICS FOR THE 540 REPORTING INSURANCE ESTABLISHMENTS CLASSIFIED INTO THREE GROUPS, NAMELY, GENERAL INSURERS, LIFE INSURERS/ASSURERS, AND INSURANCE AGENTS, BROKERS AND OTHER INSURANCE SERVICES (INCLUDING ACTUARIES, LOSS ADJUSTORS/ASSESSORS, LIAISON/REPRESENTATIVE OFFICES OF OVERSEAS INSURERS, AND ESTABLISHMENTS ACTING AS MANAGEMENT COMPANIES FOR INSURERS).
THE CENSUS RESULTS INDICATED THAT 540 INSURANCE ESTABLISHMENTS WERE IN OPERATION DURING THE WHOLE OR PART OF 1980, WITH A WORKFORCE OF 7 016 PERSONS AND GENERATING $1 467 MILL JON OF GROSS OUTPUT.
SOME $327 MILLION WERE SPENT ON COMPENSATION OF EMPLOYEES AND $242 MILLION ON OPERATING EXPENSES.
THE TOTAL NET PREMIUMS RECEIVED BY INSURERS (WHICH EQUAL GROSS RETAINED PREMIUMS AND REINSURANCE COMMISSIONS RECEIVED LESS COMMISSIONS AND BROKERAGES PAID) WERE ESTIMATED TO BE $1 709 MILLION.
ABOUT $807 MILLION WERE PAID AS NET CLAIMS, WHICH WERE GROSS CLAIMS LESS RECOVERIES FROM SALVAGE, SUBROGATION AND REINSURERS.
INSURANCE FUNDS AND RESERVES PUT UP BY INSURERS FOR UNEARNED PREMIUMS AND OUTSTANDING CLAIMS TOTALLED $3 371 MILLION.
THE VALUE OF INVESTMENT GENERATED OR ADMINISTERED BY RESIDENT INSURERS WAS ESTIMATED TO BE $3 836 MILLION,
CAPITAL STOCK AT THE END OF 1980, OTHER THAN THOSE FIXED ASSETS HELD FOR INVESTMENT PURPOSES, WAS ESTIMATED TO BE $107 MILLION, WITH $14 MILLION DEPRECIATED OVER THE YEAR, AND $47 MILLION INJECTED AS GROSS ADDITIONS TO FIXED ASSETS WHICH WERE ACQUISITION OF FIXED ASSETS LESS PROCEEDS FROM RE-SALES OF FIXED ASSETS.
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INSURANCE AGENTS, BROKERS AND OTHER INSURANCE SERVICES ACCOUNTED FOR 70 PER CENT OF THE TOTAL NUMBER OF ESTABLISHMENTS AND 41 PER CENT OF THE TOTAL WORKFORCE IN THE INSURANCE SECTOR. HOWEVER, THEIR GROSS OUTPUT, AT 21 PER CENT OF THE SECTOR'S TOTAL, WAS MUCH LOWER THAN THAT OF GENERAL INSURERS, AT 91 PER CENT OF THE TOTAL.