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As of 31 March 2005, the HKSAR Government's Office of the Commissioner of Insurance recorded 180 authorized insurers in Hong Kong, of which 116 (65%) were pure general insurers, 45 (25%) were pure long-term insurers and the remaining 19 (10%) were composite insurers.
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General Insurance |
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In 2004, the gross premiums of general insurance business recorded a decline of 7.2% from HK$24,766 million to HK$22,992 million as compared with 2003. Net premiums also reduced by 4.5% from HK$17,045 million to HK$16,273 million, |
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As compared with 2003, the overall underwriting profit of general insurance businesses improved from HK$1,343 million to HK$2,154 million. In respect of the underwriting performance of the two major classes of compulsory insurance business, Motor Vehicle business substantially improved from a profit of HK$52 million to HK$532 million. As for General Liability business, which included the statutory Employees' Compensation business ("EC"), the underwriting profit reduced from HK$124 million to HK$33 million. |
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Total gross premiums of insurance business in 2004 amounted to HK$123 billion. The distribution of premiums for the years 2000 to 2004 are as follows (all figures in HK$m unless otherwise stated): |
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Year
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2000
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2001
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2002
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2003
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2004
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General Business
(Gross Premium) |
17,872 |
19,436 |
23,448 |
24,766 |
22,992 |
Long Term Business
(Office Premium) |
46,515 |
56,858 |
65,517 |
77,951 |
100,088 |
| Total |
64,387 |
76,294 |
88,965 |
102,717 |
123,080 |
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*Facts and figures are taken from information supplied by the HKSAR Government's Office of the Commissioner of Insurance.
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