ENG-2014 — Page 111

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Financial and Monetary Affairs

a landmark judgment from the court affirming its power to obtain documents possessed by accounting firms in Hong Kong.

Insurance Sector

Main Features

At the end of 2014, there were 158 authorised insurers, 86 of which were incorporated in Hong Kong while the remaining 72 were incorporated in the Mainland or overseas jurisdictions.

During the past five years, the Hong Kong insurance industry achieved an average annual growth of 12.3 per cent. In 2014, the total gross premiums of the Hong Kong insurance industry amounted to $329.7* billion, representing an increase of 10.1 per cent over 2013. The total revenue premiums13 of in-force long term business rose by 10.9 per cent to $285.8* billion in 2014. Individual life insurance remained the leading business, accounting for $262.7* billion or 91.9* per cent of total revenue premiums, while the corresponding number of policies stood at 10.9* million.

General insurance business rose in money terms from $41.8 billion in 2013 to $43.9* billion in 2014, representing a 5 per cent increase in gross premiums. The growth was largely led by insurance policies relating to Accident and Health business (comprising Medical business) and Ships business. The overall underwriting performance of general insurance business remained at $3 billion in 2014, on par with that of 2013.

At the end of 2014, there were 86,420 individual insurance intermediaries, comprising 9,736 Chief Executives or Technical Representatives (TRs) of 657 broker firms, 27,442 Responsible Officers or TRs of 2,480 agency firms, and 46,079 individual agents and their 26 TRs.

Statistics on Insurance Business

2012

2013

2014

Number of authorised insurers

155

155

158

Of which:

Incorporated in Hong Kong

83

85

86

Incorporated in the Mainland or

72

70

72

overseas

Premium income ($ billion)

263.3

299.5

329.7*

Total gross premiums

Of which:

Long-term in-force business

224.1^

257.7^

285.8*#

(Office / Revenue premiums)

General insurance

39.2

41.8

43.9*

(Gross premiums)

^ Office premiums

# Revenue premiums

13

*

The premiums actually received during the financial year.

Provisional statistics.

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