ENG-2013 — Page 110

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Financial and Monetary Affairs

Insurance Sector

Main Features

At the end of 2013, there were 155 authorised insurers, 85 of which were incorporated in Hong Kong while the remaining 70 were incorporated in the Mainland or overseas jurisdictions.

During the past five years, the Hong Kong insurance industry achieved an average annual growth of 9 per cent. In 2013, the total gross premiums of the Hong Kong insurance industry amounted to $290.7* billion, representing an increase of 10.4 per cent over 2012. The total revenue premiums11 of in-force long term business rose by 10.9 per cent to $248.6* billion in 2013. Individual life insurance remained the leading business, accounting for $228* billion or 91.7* per cent of total revenue premiums, while the corresponding number of policies stood at 10.5* million.

General insurance business rose in money terms from $39.2 billion in 2012 to $42.1* billion in 2013, representing a 7.4 per cent increase in gross premiums. The growth was largely led by insurance policies relating to general liability business (comprising employees' compensation business) and property damage business. The overall underwriting performance of general insurance business increased from $2 billion in 2012 to $3* billion in 2013, due to the increase in the underwriting profit of ships, property damage and motor vehicle businesses.

At the end of December 2013, there were 77,946 individual insurance intermediaries, comprising 9,198 Chief Executives or Technical Representatives (TRs) of 632 broker firms, 27,425 Responsible Officers or TRs of 2,464 agency firms, and 41,296 individual agent and their 27 TRs.

Statistics on Insurance Business

2011

2012

2013

Number of authorised insurers

163

155

155

Of which:

Incorporated in Hong Kong

85

83

85

Incorporated in the Mainland or

78

72

70

Overseas

Premium income ($ billion)

233.7

263.3

290.7*

Total gross premiums

Of which:

Long-term in-force business

198.9A

224.1^

248.6*#

(Office / Revenue premiums)

General insurance

34.8

39.2

42.1*

(Gross premiums)

* Provisional statistics

^ Office premiums

# Revenue premiums

*

Provisional statistics.

11 The premiums actually received during the financial year.

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