Annual General Business Statistics

(Percentage changes in brackets in the following paragraphs represent changes over 2018)

In 2019, total gross and net premiums of general business were $55.4 billion (increased by 4.4%) and $37.7 billion (increased by 8.6%) respectively, while underwriting profit rose from HK$583 million in 2018 to HK$869 million in 2019. Gross and net claims incurred by authorized insurers related to the recent social events were HK$1.3 billion and HK$411 million respectively. Property Damage business recorded total gross premiums of $10.3 billion (increased by 13.7%), benefitting from additional demands and hardening of rates on account of losses inflicted by super-typhoons in the past two years. Accident & Health business also registered gross premiums of $18.3 billion (increased by 7.2%).

The improved overall performance was driven by direct Property Damage business, whose underwriting profit expanded from $199 million in 2018 to $823 million in 2019, offset in part by losses for direct Motor Vehicle business which widened from $441 million to $514 million and direct Employees’ Compensation business from $150 million to $260 million in the same period due to adverse claims experience.

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