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HK 1st-quarter general insurance premiums rise
(Xinhua)
Updated: 2004-06-01 08:55

In Hong Kong, the gross and net premium of general insurance business both recorded growth in first quarter, said the Office of the Commissioner of Insurance (OCI) of the Hong Kong government said in Hong Kong Monday.

According to the provisional statistics of the Hong Kong insurance industry for the first quarter of 2004, the gross premiums of general insurance business recorded a growth of 0.1 percent to HK$6,878 million (US$881.9 million) compared with the corresponding period of 2003.

The net premium of general insurance business recorded a growth of 2 percent to HK$4,855 million (US$622.4 million), the provisional statistics showed.

The overall underwriting profit of general insurance business decreased from HK$480 million (US$61.5 million) to HK$386 million (US$49.5 million) compared with the corresponding quarter of 2003, it said.

That was mainly attributable to deterioration in the underwriting profit of Property Damage business which declined from HK$266 million (US$34.1 million) to HK$150 million (US$19.2 million), said the OCI.

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