Insurance business continues to grow in HK

HONG KONG - Hong Kong insurance industry reported growth in both long-term and general business, despite uncertainty in the global financial arena in the past year, the city's Commissioner of Insurance Annie Choi said Friday.

Making the remarks on the release of the insurance's Annual Report 2011, Choi said renminbi business, non-resident business and the accident and health business were growth engines for the industry.

Hong Kong insurance brokers enjoyed another breakthrough in 2011, with the Supplement VIII to the Mainland and Hong Kong Closer Economic Partnership Arrangement, which further liberalized the mainland market by allowing local insurance brokers to set up self-owned insurance agency companies in China's southern province of Guangdong on a pilot basis.

Choi believed the industry will continue to benefit from the tremendous business opportunities in the region, particularly in the mainland, as well as the measures the industry has taken to strengthen consumer protection.

As of last December, there were 163 authorized insurers, 64,702 appointed insurance agents and 9,162 authorized brokers operating in Hong Kong.