Hong Kong's gross premiums of general insurance business in the first half grew 10.1 percent year on year to 14.258 billion HK dollars (1.828 billion U.S. dollars), the Office of the Commissioner of Insurance said Wednesday.
Meanwhile, the city's net premiums of general insurance business grew by 9.6 percent to 10.251 billion HK dollars (1.314 billion U.S. dollars), but the overall underwriting profit dropped from 1.039 billion HK dollars (133 million U.S. dollars) to 826 million HK dollars (106 million U.S. dollars).
The gross and net premiums of direct business increased by 11 percent to 11.487 billion HK dollars (1.473 billion U.S. dollars) and 13 percent to 8.537 billion HK dollars (1.094 billion U.S. dollars) respectively, driven by growth in accident and health business and pecuniary loss business.
The underwriting profit of direct business dropped to 306 million HK dollars (39 million HK dollars) from 599 million HK dollars (77 million U.S. dollars), mainly due to adverse claims experience, with the motor vehicle business turning from a profit of 16 million HK dollars (2.1 million U.S. dollars) to a loss of 68 million HK dollars (8.7 million U.S. dollars), the profit of property damage business more than halved to 55 million HK dollars(7.1 million U.S. dollars), and the losses of employees' compensation business surging to 172 million HK dollars (22 million U.S. dollars).
Source: Xinhua
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