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Hong Kong Insurance Report Q1 2011
Business Monitor International, Dec 2010, Pages: 77
Business Monitor International's 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.
In this report, we have been able to include final data for 2009 and to amend projections for 2010 in order to take into account of H110 results released by major cross-border insurers in the Asia Pacific region.
Total insurance premiums in Hong Kong in 2010 are estimated at HKD210,098mn. This includes non-life premiums of HKD32,696,mn and life premiums of HKD177,402mn. In 2015, the corresponding figures are forecast to be HKD229,720mn, HKD41,634mn and HKD188,086mn. In terms of the key drivers that underpin our forecasts, we predict non-life penetration to remain constant at 1.85% from 2010 to 2015, and for life density to rise from US$3,212 per capita to US$3,303 per capita over the same period. BMI’s proprietary Insurance Business Environment Rating for Hong Kong is 75.1.
As in previous quarters, we provide rankings of the major players in each of the two main segments as they are seen by the organisation providing the data (which, in practice, is usually the regulator or the trade association). In Hong Kong, the three largest non-life companies in terms of gross written premiums were HSBC Insurance, American Home and BOC Group Insurance. In the life segment, the leaders were AIA, Hang Seng Insurance and HSBC Life. Over time, we hope to derive insights from observing how market shares change. We emphasise, though, that a decline in share of gross written premiums is not automatically a bad thing, and is often the result of a corporate decision to focus on more profitable business lines.
We 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 the largest non-life lines in were accident and health – medical, statutory general liability and property damage. Over time, we should be able to use this information to bring greater sophistication to our forecasting process.'
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