HK insurance gross premiums increase 12.6pc

HONG KONG, Dec 3 (Xinhua): Hong Kong's Commissioner of Insurance office announced Friday that total gross premiums of the local insurance industry in the year's first three quarters amounted to 172.8 billion HK dollars, representing an increase of 12.6 per cent over the same period in 2010. Gross and net premiums of general insurance business rose 12.5 per cent to 27.4 billion HK dollars and 10.1 per cent to 19 billion HK dollars over a year earlier. Overall underwriting profit also increased from 1.7 billion HK dollars to 2.1 billion HK dollars. On direct business, gross and net premiums gained 7.9 per cent to 20.5 billion HK dollars and 7.3 per cent to 15.1 billion HK dollars, propelled again by accident and health business.