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Hong Kong Insurance Report Q1 2010
Business Monitor International, Dec 2009, Pages: 90
Hong Kong Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Hong Kong's insurance industry.
This report differs from its predecessors in several respects. In this analysis of competitive conditions, they provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice, almost always the national insurance regulator or the national insurance trade association). In Hong Kong in H109 the three largest non-life companies in terms of gross written premiums were HSBC Insurance, American Home and BOC Group Insurance, whose market shares were 8.2%, 6.6% and 6.4%, respectively. In the life segment, the leaders in H109 were AIA (Bermuda), Hang Seng Insurance and HSBC Life, whose market shares were 16.8%, 12.0% and 10.2%, respectively. Over time, they hope to derive insights from observing how market shares change. They emphasises though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines.
This report also provide a breakdown of the insurance sector by line – from the point of view of the regulator or the trade association. In Hong Kong, for instance, the largest non-life lines in 2008 were accident and health – medical, statutory general liability and property damage. These accounted for 28.1%, 15.6% and 14%, respectively, of total non-life premiums. Over time, they should be able to use this information to bring greater sophistication to the forecasting process.
Writing in December 2009, the authors have been able to ensure that the report includes actual data for 2008. They have generally been able to use data that has been published in 2009 to adjust the forecasts for the year as a whole. They have also extended the forecasts out to 2014. They forecast total premiums in 2009 of HKD198,908mn. This includes non-life premiums of HKD26,123mn and life premiums of HKD172,785mn. In 2014 the figures should be HKD240,620mn, HKD36,011mn and HKD204,609mn. In terms of the key drivers that underpin the forecasts, they forecast that non-life penetration will rise from 1.60% in 2009 to 1.72% in 2014, and for life density to rise from US$3,136 to US$3,593. BMI’s proprietary Insurance Business Environment Rating for Hong Kong is 76.5 out of 100.
This quarter, they include a discussion of developments within regional markets – on the basis of results published by major cross-border companies for Q209 or Q309 and the latest information provided by regulators and/or trade associations. Competitive pressures, and the downturn in global trade, have hit Hong Kong’s non-life segment hard. However, the major operators in the life segment have enjoyed mixed fortunes. In some cases, they have continued to suffer as a result of the consequences of the Lehman Minibond saga. In some cases, holders of long-term savings products have sought a ‘premium holiday’.
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