HONG KONG - The total gross premiums of Hong Kong's insurance industry grew 11.7 percent in the first quarter this year to HK$62.8 billion ($8.09 billion) as compared to the same period last year, the city's Office of the Commissioner of Insurance announced Thursday.

In the first quarter of 2012, gross and net premiums of the general insurance business recorded a growth of 6.4 percent to HK$10.9 billion and a growth of 8.6 percent to HK$7.6 billion respectively compared with the corresponding period in 2011. The overall underwriting profit also recorded an increase from HK$482 million to HK$853 million.

Regarding direct business, gross and net premiums gained 10.5 percent to HK$8.4 billion and 11.1 percent to HK$6.3 billion respectively, mainly driven by the general liability business and the accident and health business, the net premiums of which were HK$1.6 billion and HK$2.7 billion.