Hong Kong’s insurance industry grew 10% in the first nine months of this year, taking gross written premium (GWP) to $US190.1 billion ($181.63 billion) – more than five times the size of the Australian market.

Its general insurance sector, the second-largest insurance market in Asia behind Japan, increased GWP by 11.3% in the first three quarters, while underwriting profit was stable at $US2.1 billion ($2 billion).

Direct business GWP rose 11% for the period, including a 13% increase in underwriting profit to $US1.4 billion ($1.33 billion).

General liability and motor vehicle profits were particularly strong, growing from $US63 million ($60.19 million) and $US2 million ($1.91 million) respectively in the corresponding period last year to $US179 million ($171 million) and $US98 million ($93.6 million).

Despite being Asia’s second-most developed insurance market in terms of per-capita premium, Hong Kong has a low penetration among international insurers.

About 50 foreign-owned insurance companies operate there, accounting for 4% of the life market and 1% of the property and casualty market, according to HKTDC Research.