Insurance premium up 20% early next year

Benjamin Tang, Commissioner of Insurance of Office of the Commission of Insurance, said that business insurance is influenced the most by the September 11 attacks and expected that the overall growth in the insurance sector will continue to slow down. However, he thought that there leaves room for further growth in the insurance sector since only about 60% of the Hong Kong population carry life insurance. He pointed out that the September 11 event only results in a mild loss of about $4 million of insurance companies in Hong Kong, representing merely 0.17% of the total insured amount in Hong Kong. He estimated that the premium charges will grow by about 20% in general early next year.

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