Asia-Pacific Niche Insurance Markets - Global Strategic Business Report

Global Industry Analysts, Inc, March 2008, Pages: 44

The Asia-Pacific Niche Insurance Markets Report provides insightful analysis, market overview, industry structure and outlook of insurance industry in Hong Kong and Singapore. Laden with quantitative analysis, the report also provides the reader with an exhaustive statistical preface to the industry in these countries. Get to know about various types of life and non-life insurance products in the regional markets, backed by statistical inference of key players in these markets. The closely summarized market report is designed to offer a broad, macro level picture of the trends, challenges, market structure/basics, recent mergers & acquisitions, and strategic corporate developments witnessed by the industry in respective countries. The report also peeps into the recent past/ historical perspective of these markets and corporate developments within the industry. A regional level discussion also looks into the leading companies’ footing in these markets along with their annual written premiums and/ or market shares. The report discusses and profiles several key and niche players like American Home Assurance Company, Great Eastern Holdings Ltd., and NTUC Income.

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ASIA-PACIFIC NICHE INSURANCE MARKETS

A STRATEGIC BUSINESS REPORT

CONTENTS

HONG KONG

1. Market Overview NAP-1
Insurance Sector Representation NAP-1
Table 1: Hong Kong Recent Past, Current & Future Analysis for
Insurance Industry by Segment - Life and Non-Life Markets
Independently Analyzed with Annual Premium Income in US$
Million for the Years 2005 through 2009 (includes
corresponding Graph/Chart) NAP-1

Table 2: Hong Kong 5 -Year Perspective for Insurance Industry
by Segment - Percentage Breakdown of Premium Income for Life
and Non-Life Markets for 2005, 2007 and 2009 (includes
corresponding Graph/Chart) NAP-2

Table 3: Insurance Industry in Hong Kong (2006): Per Capita
Premium in US$ and Premium as % of GDP by Category - Life and
Non-Life NAP-2
Industry Snapshots NAP-2
Table 4: Hong Kong Insurance Industry (2000-2004): Insurance
Penetration in % for Life and Non-Life Sectors (Premium/
GDP) (includes corresponding Graph/Chart) NAP-3

Table 5: Hong Kong Insurance Industry (2000-2004): Life and
Non-Life Insurance Density (Premium/POP) (In ‘000 HK$)
(includes corresponding Graph/Chart) NAP-3
A Leading Insurance Market in Asia-Pacific NAP-3
Insurance Demand to Grow Strongly in Hong Kong NAP-4
Market Penetration NAP-4
Long Term Insurance Sector Growing Steadily NAP-4
Sun Life Financial Completes the Acquisition of CMG Asia NAP-4
CEPA Agreement Sparks Growth in Hong Kong Insurance Market NAP-4
Multi-Channel Distribution Grows in Popularity NAP-4

2. Market Segmentation NAP-5
Accident and Health NAP-5
Employees’ Compensation NAP-5
Engineering NAP-5
Liability NAP-5
Marine NAP-6
Motor NAP-6
Property NAP-6

3. Insurance Business in Hong Kong - The Prerequisites NAP-7

Solvency Requirement NAP-7
Authorization NAP-7
Regulatory Climate NAP-7
Functions and Powers of the Insurance Authority NAP-8
Regulation of Intermediaries NAP-8

4. Insurance Service Providers NAP-9
Table 6: Hong Kong Insurance Industry (2004): Number of
Insurance Service Providers by Type for General Insurance,
Long Term Insurance, and Composite (includes corresponding
Graph/Chart) NAP-9
Strong Foothold of Foreign Insurers NAP-9
Captive Insurance - Key Market Participant NAP-9

5. Review of Key Sectors NAP-10

5a. Life Insurance NAP-10
Table 7: Hong Kong Life Insurance Industry (2006 & 2007):
Percentage Breakdown of Gross Written Premiums by Policy Type
for Non-linked Insurance and Linked Insurance NAP-10

Table 8: Hong Kong Life Insurance Industry (2006 & 2007):
Percentage Breakdown of Gross Written Premiums by Policy Type
for Individual Life, Group Life, Retirement Scheme, and
Annuity & other (includes corresponding Graph/Chart) NAP-10
Life Insurance Industry - A Recent Past Perspective NAP-11
Table 9: Hong Kong Life Insurance Industry (2000-2004):
Individual Life Premium in $ Billion (includes corresponding
Graph/Chart) NAP-11
Market Players NAP-11
Table 10: Hong Kong Life Insurance Industry (2004): Premium
Revenue in US$ Billion and Percentage Value Breakdown of
Leading Insurance Companies for AIA, HSBC Life, Manulife,
Prudential, AXA, China Life, Winterthur Life, Hang Seng Life,
Royal Skandia Life and BOC Group Life (includes corresponding
Graph/Chart) NAP-11

Table 11: Hong Kong Life Insurance Industry (2003): Gross
Written Premium in US$ Million by Leading Companies for AIA
(Bermuda), Manulife, HSBC Life, Prudential (UK), AXA China
(Bermuda), Hang Seng Life, Winterthur Life, CMG Asia, Royal
Skandia Life, and ING Life (includes corresponding
Graph/Chart) NAP-12

Table 12: Top-Five Players in the Life Insurance Industry of
Hong Kong (2002) - Gross Written Premiums in US$ Million for
AIA (Bermuda), Manulife (International), HSBC Life, AXA China
(Bermuda), and Prudential (UK) (includes corresponding
Graph/Chart) NAP-12

5b. General/ Non-Life Insurance NAP-13
Market Players: Non-Life NAP-13
Table 13: Leading Players in Hong Kong General Insurance
Market (2005): Percentage Breakdown by Company -ACE, American
Home, Asia Insurance, AXA General, BOC Group Insurance, HSBC
Insurance, Ming An, QBE HKSI, Wing Lung, Zurich Insurance,
and Others (includes corresponding Graph/Chart) NAP-14

Table 14: Hong Kong Non-Life Insurance Industry (2003):
Gross Written Premium in US$ Million by Leading Companies
for BOC Group Insurance, American Home, Ming An, HSBC
Insurance, Asia Insurance, QBE HKSI, Wing Lung, AXA General,
Falcon Hong Kong, and CGU (includes corresponding
Graph/Chart) NAP-14

Table 15: Top-Five Players in the Non-Life Insurance
Industry of Hong Kong (2002) - Gross Written Premium in US$
Million for Ming An, Bank of China Group, American Home, QBE
HKSI, and HSBC Insurance (includes corresponding Graph/Chart) NAP-15

6. A Historic Perspective NAP-16
Recovery Amidst Economic Stagnancy NAP-16
General Insurance Industry Stages Revival from Losses NAP-16
Healthcare Insurance Quadruples NAP-16
Life Insurance: The Dominant Sector NAP-16
Table 16: Life and Non-Life Insurance as a Percentage of GDP
in Hong Kong: 1994-2003 (includes corresponding Graph/Chart) NAP-17
Impact of China’s Accession to WTO NAP-17

7. Recent Industry Activity NAP-18
Zurich to Set-Up New Business Unit in Asia-Pacific NAP-18
Fortis to Acquire Pacific Century Insurance NAP-18
MetLife to Acquire MetLife Fubon NAP-18
BOC Hong Kong to Acquire Majority Shares of BOC Group NAP-18
AXA Takes Over Two Insurers in Asia NAP-19
Radian Insurance to Commence Operations in Hong Kong NAP-19

8. Focus on Select Players NAP-20
Bank of China Group Insurance Co. Ltd. NAP-20
Ming An Insurance Co., Ltd. NAP-20
The Prudential Assurance Co. Ltd. NAP-21

SINGAPORE

1. Market Overview NAP-22
Insurance Sector Representation NAP-22
Table 17: Singapore Recent Past, Current & Future Analysis
for Insurance Industry by Segment - Life and Non-Life
Markets Independently Analyzed with Annual Premium Income in
US$ Million for the Years 2005 through 2010 (includes
corresponding Graph/Chart) NAP-23

Table 18: Singapore 6 -Year Perspective for Insurance
Industry by Segment - Percentage Breakdown of Premium Income
for Life and Non-Life Markets for 2005, 2008, and 2010
(includes corresponding Graph/Chart) NAP-23

Table 19: Insurance Industry in Singapore (2006): Per Capita
Premium in US$ and Premium as % of GDP by Category - Life and
Non-Life NAP-23
Singapore: Among the Most Prominent Reinsurance Centers NAP-24
Steps in the Right Direction NAP-24
Government’s Support Fuels Growth in Insurance Sector NAP-24
Tax Incentive Scheme for Overseas Insurance Businesses NAP-24
Tax Exemption Scheme for Offshore Marine Hull & Liability
Insurance Business NAP-24
Abolition of Withholding Taxes on Financial Guarantee
Insurance Contracts NAP-25
Scheme for Tax-Deductible Special Reserves NAP-25

2. Regulatory Environment NAP-26
Margin of Solvencies and The Prerequisites NAP-26
The Monetary Authority of Singapore (MAS) NAP-26
Powers of MAS NAP-27
Regulations for Insurance Intermediaries NAP-27

3. A Peek into the Market Figures NAP-28
Table 20: Insurance Industry in Singapore (2005): Gross
Premiums of Singapore Insurance Fund Business in SG$ Million
by Category - Cargo, Fire, Health, Hull and Liability, Motor,
Personal Accident, Workmen Compensation, and Miscellaneous
(includes corresponding Graph/Chart) NAP-28

Table 21: Insurance Industry in Singapore (2005): Gross
Premiums of Offshore Insurance Fund Business for Direct
Insurers, Reinsurers, and Captive Insurers in SG$ Million by
Category - Cargo, Property, Hull & Liability, and Casualty &
Others (includes corresponding Graph/Chart) NAP-29

Table 22: Insurance Industry in Singapore (2005): Percentage
Breakdown of Gross Premiums of Offshore Insurance Fund
Business for Direct Insurers, Reinsurers, and Captive Insurers
by Category - Cargo, Property, Hull & Liability, and Casualty &
Others (includes corresponding Graph/Chart) NAP-29

Table 23: Insurance Industry in Singapore (2001-2003): New
Insurance Business in SG$ Million NAP-30
Table 24: Insurance Industry in Singapore (2001-2003):
Percentage Breakdown of Insurance Business NAP-31
Table 25: Insurance Industry in Singapore (2001-2003):
In-Force Insurance Business in SG$ Million NAP-32

4. Segmental Perspective NAP-33

4a. Life Insurance NAP-33
Ageing Population to Drive Demand for Pension and Medical
Insurance NAP-33
Life Insurance Market - A Recent Past Perspective NAP-33
Health Insurance - Growth of Healthcare Cost NAP-33
Revision of the Medical Benefits NAP-34
Market Leaders NAP-34
Table 26: Life Insurance Industry of Singapore (2003): Gross
Written Premium in US$ Million by Leading Companies for AIA,
Great Eastern Life, Prudential, NTUC Income, AVIVA, OAC, John
Hancock, AXA Life Singapore, Asia Life, and Manulife
(includes corresponding Graph/Chart) NAP-34

Table 27: Life Insurance Industry in Singapore (2002):
Leading Players Ranked by Gross Written Premium in US$
Million for AIA, Great Eastern Life, Prudential, NTUC Income,
and AVIVA (includes corresponding Graph/Chart) NAP-35

4b. Non-Life/General Insurance NAP-36
Table 28: Singapore General Insurance Market (2006 & 2007):
Percentage Breakdown of Premiums by Product Category for
Motor, Marine & Aviation, Fire, Personal Accident, Health,
Workmen Compensation, and Miscellaneous Insurance (includes
corresponding Graph/Chart) NAP-36
Non-Life Insurance Market - A Recent Past Perspective NAP-37
Market Leaders NAP-37
Table 29: Non-Life Insurance Industry of Singapore (2003):
Gross Written Premium in US$ Million by Leading Companies
for NTUC Income, American Home, AVIVA, SAGI-Captive 2, AXA
Singapore, India International, Mitsui Sumitomo AIA, China,
and Asia (includes corresponding Graph/Chart) NAP-37

Table 30: Property & Casualty Insurance Market in Singapore
(2003): Percentage Breakdown of Direct Premium Received by
Company for NTUC Income, American Home, Aviva, AXA
Singapore, SAGI -Captive, India International, and Others
(includes corresponding Graph/Chart) NAP-37

Table 31: Top-Five Players in the Non-Life Insurance
Industry of Singapore (2002) - Gross Written Premium in US$
Million for NTUC Income, American Home, Sagi-Captive, AXA
Singapore, and China (includes corresponding Graph/Chart) NAP-38

5. Recent Industry Activity NAP-39
Millea Acquires Asia General NAP-39

6. Focus on Select Key Players NAP-40
American Home Assurance Company NAP-40
Great Eastern Holdings Ltd. NAP-40
NTUC Income NAP-40

-HSBC Life
-China Life
-Winterthur Life
-Hang Seng Life
-Royal Skandia Life
-BOC Group Life
-Bank of China Group Insurance Co. Ltd.
-Ming An Insurance Co., Ltd.
-The Prudential Assurance Co. Ltd
-AIA
-Great Eastern Life
-NTUC Income
-AVIVA
-OAC
-John Hancock
-AXA Life Singapore
-Asia Life
-Manulife
-Millea

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