- 9.
"Cities only prosper and grow when they have a clear economic role and when those who live and work in them have a clear-eyed perception of that role and how it can be enhanced," Mr Miller said.
"Hong Kong has survived and prospered precisely because it has both. Our natural role is that of entrepot. Geography and a deep-water harbour dictate that.
"But it is the shared vision of business and government of Hong Kong as the region's pre-eminent service centre, and their collective determination to build and plan for that vision which guarantee us success," he added.
End
Insurance industry enjoys 20% growth in 1994
The Hong Kong insurance industry grew by 20% in terms of premium income in 1994, according to the Annual Report of the Office of the Commissioner of Insurance and Office of the Registrar of Occupational Retirement Schemes released today (Friday).
Speaking on the publication of the Report at a press conference, the Commissioner of Insurance, Mr Ros Lam, noted that this was the fourth consecutive year that the industry recorded a double digit growth since 1991.
As detailed in the Report, total premium income in respect of general and long- term business in 1994 amounted to $39.2 billion which represents about 3.8% of the Hong Kong gross domestic product of the year.
Gross premiums in respect of general business maintained a healthy growth of 16% to $19.7 billion. Property damage business remained the largest class. accounting for 27% of total gross premiums.
Except for motor vehicle business, all major classes experienced growth in gross premiums, with general liability business achieving the highest growth of 46%.
Highlighting other achievements, Mr Lam noted that the general insurance industry continued to enjoy an underwriting profit for the second consecutive year, with the amount increasing to $1,119 million in 1994.