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Data published by the Insurance Authority of Hong Kong showed that local insurers’ total gross premiums decreased by 1.1% year-on-year to $549.7 billion Hong Kong ($70.3 billion) in 2023, Reinsurance News reported. Reinsurance gross premiums increased by 3.1% year-on-year to reach HKD18.1 billion in the year, partly driven by the property damage sector.