Insurance in Hong Kong
Insurance has an important role within the SAR of Hong Kong within China and for its population of 7,061,200. Total premiums for the Insurance industry in Hong Kong were $205 billion in 2010 (11.8% of its GDP). Comparatively the economy has a GDP PPP of 49,137 versus 48,387 of the U.S as per the IMF for 2011. As at June 2012, there were 161 insurers that were considered authorized by the ‘Office of the Commissioner of Insurance’ in Hong Kong. These insurers included 96 general insurers, and 20 composite insurers and 45 long term insurers. 85 of these 161 are companies were incorporated in Hong Kong while the rest came from overseas countries including 10 from the United States. Within the ‘general’ class of insurance, total gross premiums were from accident and health at 27%, general liability at 23%, property damage at 22% and motor vehicles at 10%. For the ‘long term’ insurance business, individual life made up a majority of the total premiums which included as at 2010 9 million life policies.
Source: Office of the Commissioner of Insurance (www.oci.gov.hk)