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Hong Kong Insurance Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 59 pages

BMI View:

As of mid-2016, the latest results from the leading insurance companies highlight the dynamism and sophistication of the players in both the life and the non-life segments. In the life segment, demand is being boosted by high savings rates, the central role played by insurers in the organised savings landscape and mainland visitors. In the non-life segment, growth has been driven by accident & health insurance.


Key Updates And Forecasts
- Hong Kong's insurance sector is dominated by the massive and dynamic life segment, which accounts for nearly 90% of all premiums written. Growth in life insurance premiums will be driven by a number of
factors. These include Hong Kong's persistent surplus of savings and the central role played by life insurance in organised savings. In addition, the population is ageing: demand for the insurers' retirement
income solutions is rising. The life insurers have been enjoying double-digit growth in new business; partly because of their development of attractive new products and partly because of their distribution
strategies, which normally rely on multiple channels. Finally, there are substantial - and still growing - opportunities to sell protection, savings and wealth management offerings to residents of mainland China.
If anything, the risks to forecasts are to the upside.
- The prospects for the non-life segment are less exciting. The fortunes of two of the three main sub-sectors
- property insurance and general liability (including workers compensation) insurance - will depend on the general health of the economy. The risks are to the downside. The same is true of many of the smaller
sub-sectors. Nevertheless, accident & health insurance - an important business for both life and non-life companies - is likely to expand at (near) double-digit rates: it is benefiting from the ageing of the
population and the inflation in healthcare costs.

Table Of Contents

Hong Kong Insurance Report Q3 2016
BMI Industry View ... 7
Table: Headline Insurance Forecasts (Hong Kong 2013-2020) 7
SWOT 8
Insurance . 8
Industry Forecast .. 10
Life Premiums Forecast 10
Table: Life Premiums (Hong Kong 2013-2020) 13
Table: Life Insurance Claims (Hong Kong 2008-2015) 13
Non-Life Premiums Forecast . 14
Table: Non-Life Premiums (Hong Kong 2013-2020) . 17
Table: Non-Life Insurance Claims (Hong Kong 2009-2015) . 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Hong Kong 2013-2020) 27
Industry Risk/Reward Index . 28
Asia Pacific Industry Risk/Reward Index .. 28
Table: Asia Pacific Insurance Risk/Reward Index Q316 . 29
Market Overview ... 30
Life Market Overview ... 30
Product Offering 31
Table: Life Insurance Market (USDmn), 2007-2014 . 31
Competitive Landscape ... 32
Table: Life Insurance Market (%), 2007-2014 . 32
Non-Life Market Overview 35
Product Offering 35
Table: Non-Life Insurance Market (2007-2014), USDmn 36
Competitive Landscape ... 36
Table: Non-Life Insurance Market (%) 2007-2014 . 37
Company Profile 39
AIA Group . 39
AXA .. 43
Manulife Financial .. 46
Prudential plc . 48
Sun Life Financial ... 51
Methodology .. 53
Industry Forecast Methodology 53
Risk/Reward Index Methodology ... 56
Table: Indicators 58
Table: Weighting of Indicators . 59

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