The Insurance Authority released provisional statistics for the Hong Kong insurance industry for the first three quarters of 2020, with gross premiums reaching $461.1 billion, up 5.5% year on year. Premium income from long-term business was $412.7 billion, up 5.1%, while gross premiums for general insurance were $48.5 billion, up 9.3%. New policy premiums from mainland visitors contracted 68.3% in the third quarter to $266 million.
Why read this: Gross premiums for the first three quarters totalled $461.1 billion, up 5.5% year on year, while new policy premiums from mainland visitors fell a cumulative 81.9% over the same period, providing a contrast between the rise and the fall.