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The insurance industry's overall underwriting profit was $2 billion in the first three quarters of the year, up 145.7% on the same period last year, the Office of the Commissioner of Insurance says.
General insurance business gross premiums grew 2.9% to $21.5 billion, while net premiums rose 4.3% to $15.6 billion.
On direct business, gross premiums gained 2.8% to $17.4 billion and net premiums grew 4.6% to $13.1 billion, driven by accident and health business (comprising medical business) whose gross premiums reached $6 billion and net premiums $5.2 billion, and construction-related employees' compensation business whose gross premiums hit $851 million and net premiums $711 million.
The overall business growth was nevertheless offset by the fall in gross and net premiums of the goods-in-transit business to $638 million and $411 million.
Favourable claims experience
The underwriting profit of direct business rose from $130 million to $1.2 billion in the first three quarters due to favourable claims experience. Specifically, property damage business reported a profit of $401 million, up on $24 million in 2008 when tropical storms inflicted severe losses.
Employees' compensation business turned from a loss of $375 million to a profit of $21 million. There was also a significant fall in the underwriting loss for motor vehicle business primarily due to improvement in claims experience.
On reinsurance inward business, gross and net premiums rose 3.2% to $4.1 billion and 3.1% to $2.5 billion. The underwriting profit improved from $684 million to $793 million mainly due to improvements in claims experience.
The total revenue premiums of long-term in-force business fell 11.1% to $117.1 billion. Revenue premiums of non-linked individual life and annuity business grew 7.8% to $68.1 billion while the linked individual life and annuity business plunged 42.7% to $27.7 billion.
Retirement business grows
Contributions of retirement scheme business rose 5.7% to $18.9 billion. Total insurance benefits paid fell 5.5% to $42.4 billion.
New office premiums (excluding retirement scheme business) of long-term business fell 37.5% to $33.9 billion, mainly due to the linked individual life and annuity business premiums' 68.4% drop to $10.6 billion. New office premiums of non-linked individual life and annuity business grew 13.3% to $22.9 billion.
Office premiums in respect of the new policies issued to Mainland visitors amounted to $2 billion, representing 6.1% of the total new office premiums for individual business.
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