Annual General Business Statistics

(All dollars expressed in the Annual General Business Statistics are Hong Kong Dollars.)

(Percentage changes in brackets in the following paragraphs represent changes over 2021)

Hong Kong general insurance market reported growth in total gross written premiums (“GWP”) of 4.5% to HK$64,387 million in 2022 against the backdrop of the fifth wave of COVID-19 and subdued economic recovery. Overall underwriting profit increased to HK$4,338 million in 2022 compared to HK$1,720 million in 2021.

The premium growth achieved by the market in 2022 was mainly attributable to Accident & Health (“A&H”) business and General Liability (comprising Employees’ Compensation (“EC”)) business which reported growth of 8.3% and 6.1% respectively due to a combination of rates hardening and new business. Ships business and Property Damage business also contributed by reporting growth of 6.0% and 3.7% respectively, while being partially offset by a contraction in Pecuniary Loss business and Motor Vehicle (“MV”) business which reported a drop of 4.2% and 2.0% respectively.

The overall underwriting profit improved significantly in 2022, mainly due to a turnaround in performance of Ships business and improved underwriting profits of Property Damage business, General Liability business and Pecuniary Loss business, while being offset by A&H business and MV business, both of which continued to report worsening underwriting losses this year.

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