Hong Kong’s insurance industry generated total gross premiums of HK $365.8 billion (US $47.2 billion) in 2015, beating the previous year by 10.9 percent.
The insurance commissioner’s office released the provisional statistics on the Hong Kong insurance industry on 15 March, revealing the 10.9 percent increase on 2014’s HK $329.7 billion (US $42.5 billion) in total gross premiums.
The total amount of revenue premiums of long-term in-force business was HK $319.8 billion (US $41.2 billion) in 2015, which has increased by 11.9 percent since 2014.
On reinsurance inward business, gross premiums decreased from HK $11.5 billion (US $1.5 billion) to HK $11.1 billion (US $1.4 billion).
Net premiums increased from HK $6.1 billion (US $786.6 million) to HK $6.5 billion (US $838.2 million) in 2015.
Hong Kong has ramped up efforts to develop its insurance industry, including its captive business.
Captives have enjoyed a 50 percent profits tax reduction for their insurance of offshore risks since 2014.
