TUESDAY, MARCH 16, 1993
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THE
ON
THE STATISTICS RELATING TO THE INSURANCE INDUSTRY IN 1991, REPORT SHOWED THAT THE TOTAL GROSS PREMIUMS AND NET PREMIUMS FOR HONG KONG GENERAL BUSINESS (DIRECT AND REINSURANCE INWARD) FOR THE FISCAL YEAR
AMOUNTED TO $11,246 MILLION AND $7,091 MILLION
RESPECTIVELY.
1991
IN TERMS OF GROSS PREMIUM INCOME, PROPERTY DAMAGE INSURANCE BUSINESS HAD THE LARGEST MARKET SHARE (29%), FOLLOWED BY MOTOR VEHICLE (22%) AND GENERAL LIABILITY (WHICH INCLUDES EMPLOYEES' COMPENSATION INSURANCE) (15%).
THE TOTAL
GENERAL BUSINESS
GROSS AND NET CLAIMS PAID IN RESPECT OF HONG KONG FOR THE FISCAL YEAR 1991 WERE $5,355 MILLION AND $3,280 MILLION RESPECTIVELY.
REGARDING UNDERWRITING RESULTS, AN OVERALL UNDERWRITING LOSS OF · $309 MILLION WAS REPORTED FOR ALL CLASSES OF GENERAL BUSINESS. PARTICULARLY HIGH LOSSES WERE EXPERIENCED IN RESPECT OF GENERAL LIABILITY ($249 MILLION) AND PROPERTY DAMAGE INSURANCE ($122 MILLION).
STARTING FROM 1991 LONG TERM BUSINESS WAS REQUIRED то REPORT ITS HONG KONG MARKET STATISTICS.
THE TOTAL ANNUALISED GROSS PREMIUMS (OFFICE PREMIUMS) FOR HONG KONG LONG TERM BUSINESS IN FORCE FOR THE FISCAL YEAR 1991 AMOUNTED TO $10,765 MILLION. NET LIABILITY AMOUNTED TO $28,624 MILLION.
IN TERMS OF PREMIUMS, INDIVIDUAL LIFE AND ANNUITY BUSINESS TOOK THE LARGEST MARKET SHARE (60%), FOLLOWED BY RETIREMENT SCHEMES (35%) AND INDIVIDUAL LINKED LONG TERM (3%).
HOWEVER, IN TERMS OF NET LIABILITY, RETIREMENT SCHEMES BUSINESS ACCOUNTED FOR 56%, FOLLOWED BY INDIVIDUAL LIFE AND ANNUITY (34%) AND INDIVIDUAL LINKED LONG TERM (10%).
THERE WERE ABOUT 1.5 MILLION INDIVIDUAL LIFE INSURANCE POLICIES IN FORCE. TOTAL ANNUALISED GROSS PREMIUMS FOR INDIVIDUAL LIFE BUSINESS WERE $6,747 MILLION, EQUIVALENT TO $4,264 PER HOUSEHOLD.
IN RESPECT OF RETIREMENT SCHEMES BUSINESS, THERE WERE 5,949 POLICIES IN FORCE WITH CONTRIBUTIONS MADE DURING THE FISCAL YEAR 1991 AMOUNTING TO $3.735 MILLION. THE AGGREGATE OF POLICY FUND BALANCES AMOUNTED TO $15,902 MILLION.
THE 1992 ANNUAL REPORT OF THE OFFICE OF THE COMMISSIONER OF INSURANCE, AT $36 A COPY IS NOW ON SALK AT THE GOVERNMENT PUBLICATIONS CENTRE AT CONNAUGHT PLACE, CENTRAL, HONG KONG.
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