HONG KONG -- Hong Kong insurance industry's gross premiums increased 12.7 percent to HK$263.3 billion (about $33.97 billion) in 2012, the city's Office of the Commissioner of Insurance announced Monday.

For long-term insurance business, office premiums of new Individual Life business grew 7.7 percent to HK$75.3 billion, according to the figures released.

In respect of in-force long-term business, total office premiums increased 12.7 percent to HK$224.1 billion. Yearly contributions for retirement scheme contracts administered by insurers increased nearly 15 percent.

General insurance business recorded a year-on-year increase in gross and net premiums. The rise in gross premiums was mainly contributed by general liability business.

The general insurance business overall underwriting profit decreased to HK$2 billion, mainly due to adverse claims experience.