The total gross premiums of the Hong Kong insurance industry in the first half of this year grew 14 percent over the same period in 2010 to 114.7 billion HK dollars, the city’s Office of the Commissioner of Insurance said Wednesday.

Gross and net premiums of general insurance business rose by 12.7 percent to 18.7 billion HK dollars and 10.1 percent to 12.9 billion HK dollars respectively compared with the same period in 2010.

Overall underwriting profit increased from 1.3 billion HK dollars to 1.5 billion HK dollars.

The Office also said the underwriting profit of direct business remained flat at 964 million HK dollars in the first half of 2011, compared to 962 million HK dollars in the corresponding period of 2010.

In respect of new policies issued to Chinese mainland visitors, office premiums amounted to 2.9 billion HK dollars, representing 7.5 percent of the total new office premiums for individual business in the first half of this year. (One HK dollar equals 0.128 U.S. dollars) – Xinhua