ENG-2019 — Page 110

Statistics on Insurance Business

4

Financial and Monetary Affairs

2017

2018

2019

Number of authorised insurers

Of which:

159

161

163

Incorporated in Hong Kong Incorporated in the Mainland

88

89

92

71

72

71

or overseas

Premium income ($ billion)

489.2

514.5

580.2*

Total gross premiums

Of which:

Long-term in-force business

440.9A

461.4^

524.6*#

(Office/Revenue premiums)

General insurance (Gross premiums)

48.3

53.1

55.7*

Ʌ Office premiums

# Revenue premiums

* Provisional statistics

At the end of 2019, there were 122,383 licensed insurance intermediaries, comprising 82,665 licensed individual insurance agents, 26,641 licensed technical representatives who were agents, 9,840 licensed technical representatives who were brokers, 2,413 licensed insurance agencies and 824 licensed insurance broker companies.

Risk-based Capital Regime

The IA engages stakeholders in developing a risk-based capital regime for Hong Kong's insurance industry. In July 2019, it issued the Guideline on Enterprise Risk Management, to take effect on 1 January 2020. During the year, the IA also conducted the third quantitative impact study, after which it would develop draft rules for industry consultation in 2020-21.

Direct Regulation of Insurance Intermediaries

The new statutory regulatory regime for insurance intermediaries took effect in September to replace the previous self-regulatory regime, representing a milestone in modernising Hong Kong's regulatory infrastructure. During the year, the IA issued 13 sets of rules, codes and guidelines to raise professional standards among insurance intermediaries and protect policyholders better.

Supervision of Insurance Groups

The IA is the group-wide supervisor of the AIA Group, FWD Group and Prudential plc Group. It works with regulators from other jurisdictions to perform group-wide supervision of these insurance groups effectively and efficiently.

72