Nonlife market recovers during 2000 but more challenges lie ahead

The Hong Kong general insurance market recorded growth of 8% to HK$17.8bn (US$2.3bn) in 2000 after two years of contraction, according to figures produced by the Office of the Commissioner of Insurance (OCI). Premium income in the buoyant life insurance sector increased by 12.6% to HK$46.5mn. Total gross premiums for the market grew by 11.4% to HK$64.4bn. Insurance now accounts for 5.1% of Hong Kong’s gross domestic product.