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The Insurance Industry in Macau, Key Trends and Opportunities to 2017 - Product Image

The Insurance Industry in Macau, Key Trends and Opportunities to 2017

  • ID: 2753675
  • January 2014
  • Region: Macau
  • 182 Pages
  • Timetric
In an economy that is dependant around tourism, gambling and manufacturing the financial services sector is gradually increasing, the insurance industry in particular.

The report provides in-depth industry analysis, information and insights into the insurance industry in Macau, including:
- The Macanese insurance industry's growth prospects by insurance segments and categories
- The competitive landscape in the Macanese insurance industry
- The current trends and drivers of the Macanese insurance industry
- Challenges facing the Macanese insurance industry
- Detailed regulatory framework of the Macanese insurance industry
- A benchmarking section on the Macanese insurance industry in comparison to other countries in the South-East Asian region

Summary
Macau is one of two special administrative regions of the People's Republic of China. Its economy is predominantly dependent on tourism, gambling and manufacturing. However, the contribution of the financial services sector, including the insurance industry, is gradually increasing. The value of the Macanese insurance industry grew at a compound annual growth rate (CAGR) of 11.8% during the review period (2008–2012), with life insurance as the largest segment. The growth of the insurance industry is being driven by a growing aging population, with one of the highest READ MORE >

In an economy that is dependant around tourism, gambling and manufacturing the financial services sector is gradually increasing, the insurance industry in particular.

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regional Market Dynamics
3.1 Overview
3.2 Market Trends
3.3 Market Size
4 Life Insurance Segment – Regional Benchmarking
4.1 Scale and Penetration
4.1.1 Total segment gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration as a percentage of GDP
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
5 Non-Life Insurance Segment – Regional Benchmarking
5.1 Scale and Penetration
5.1.1 Total segment gross written premium
5.1.2 Premium per capita
5.1.3 Non-life insurance penetration as a percentage of GDP
5.2 Growth
5.2.1 Gross written premium
5.2.2 Gross written premium per capita
5.3 Efficiency and Risk
5.3.1 Loss ratio
5.3.2 Combined ratio
5.3.3 Incurred losses per capita
5.3.4 Incurred losses as a share of GDP
6 Personal Accident and Health Insurance Segment – Regional Benchmarking
6.1 Scale and Penetration
6.1.1 Total segment gross written premium
6.1.2 Premium per capita
6.1.3 Personal accident and health insurance penetration as a percentage of GDP
6.2 Growth
6.2.1 Gross written premium
6.2.2 Gross written premium per capita
6.3 Efficiency and Risk
6.3.1 Loss ratio
6.3.2 Combined ratio
6.3.3 Incurred losses per capita
6.3.4 Incurred losses as a percentage of GDP
7 Macanese Insurance Industry Overview
7.1 The Macanese Insurance Industry
7.2 Key Industry Trends and Drivers
7.3 Challenges
8 Industry Segmentation
8.1 Life Insurance
8.2 Non-Life Insurance
8.2.1 Property insurance
8.2.2 Motor insurance
8.2.3 Liability insurance
8.2.4 Marine, aviation and transit insurance
8.3 Personal Accident and Health Insurance
8.4 Reinsurance
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Legislation Trends by Type of Insurance
9.2.1 Life insurance regulatory trends
9.2.2 Property insurance regulatory trends
9.2.3 Motor insurance regulatory trends
9.2.4 Marine, aviation and transit insurance regulatory trends
9.2.5 Personal accident and health insurance regulatory trends
9.3 Compulsory Insurance
9.3.1 Motor third-party liability insurance
9.3.2 Insurance for occupational accidents or occupational diseases
9.3.3 Public liability insurance in relation to the fixing of propaganda and publicity material
9.3.4 Professional liability insurance for lawyers
9.4 Supervision and Control
9.4.1 International Association of Insurance Supervisors
9.4.2 Monetary Authority of Macau
9.5 Non-Admitted Insurance Regulatory
9.5.1 Overview
9.5.2 Intermediaries
9.5.3 Market Practices
9.5.4 Fines and Penalties
9.6 Company Registration and Operations
9.6.1 Types of Insurance Organisation
9.6.2 Establishing a local company
9.6.3 Foreign Ownership
9.6.4 Types of License
9.6.5 Capital Requirements
9.6.6 Solvency Margins
9.6.7 Reserve Requirements
9.6.8 Investment Regulations
9.6.9 Statutory Return Requirements
9.7 Taxation
9.7.1 Corporate Tax
9.7.2 VAT
9.7.3 Captives
9.8 Legal System
9.8.1 Introduction
9.8.2 Access to Court
9.8.3 Alternative Dispute Resolution (ADR)
10 Competitive Landscape
10.1 Overview
10.2 Leading Companies
10.2.1 American International Assurance Co. (B) Ltd – company overview
10.2.2 China Life Insurance (Overseas) Company Ltd – company overview
10.2.3 Macau Life Insurance Company Ltd – company overview
10.2.4 Manulife (International) Ltd – company overview
11 Economic Indicators
11.1 GDP at constant prices (US$)
11.2 GDP per capita at constant prices (US$)
11.3 GDP at current prices (US$)
11.4 GDP per capita at current prices (US$)
11.5 Construction net output at current prices (US$)
11.6 Construction net output at current prices as a percentage of GDP
11.7 Inflation rate
11.8 Exports as a percentage of GDP
11.9 Imports as a percentage of GDP
11.1 Labor force
11.11 Household consumption expenditure (US$)
11.12 Total population
12 Appendix
12.1 Methodology
12.2 Contact Timetric
12.3 About Timetric
12.4 Timetric's Services
12.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Southeast Asia – Life Expectancy, 2000 and 2012
Table 3: Macanese Insurance – Overall Written Premium by Segment (MOP Billion), 2008–2012
Table 4: Macanese Insurance – Overall Written Premium by Segment (US$ Million), 2008–2012
Table 5: Macanese Insurance – Overall Written Premium by Segment (MOP Billion), 2012–2017
Table 6: Macanese Insurance – Overall Written Premium by Segment (US$ Million), 2012–2017
Table 7: Macanese Insurance – Segmentation (% Share), 2008–2017
Table 8: Macanese Life Insurance – Gross Written Premium (MOP Billion), 2008–2012
Table 9: Macanese Life Insurance – Gross Written Premium (MOP Billion), 2012–2017
Table 10: Macanese Life Insurance – Paid Claims (MOP Billion), 2008–2012
Table 11: Macanese Life Insurance – Paid Claims (MOP Billion), 2012–2017
Table 12: Macanese Life Insurance – Incurred Loss (MOP Billion), 2008–2012
Table 13: Macanese Life Insurance – Incurred Loss (MOP Billion), 2012–2017
Table 14: Macanese Life Insurance – Loss Ratio (%), 2008–2012
Table 15: Macanese Life Insurance – Loss Ratio (%), 2012–2017
Table 16: Macanese Life Insurance – Combined Ratio (%), 2008–2012
Table 17: Macanese Life Insurance – Combined Ratio (%), 2012–2017
Table 18: Macanese Life Insurance – Total Assets (MOP Billion), 2008–2012
Table 19: Macanese Life Insurance – Total Assets (MOP Billion), 2012–2017
Table 20: Macanese Life Insurance – Retentions (MOP Billion), 2008–2012
Table 21: Macanese Life Insurance – Retentions (MOP Billion), 2012–2017
Table 22: Macanese Non-Life Insurance – Written Premium by Category (MOP Billion), 2008–2012
Table 23: Macanese Non-Life Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 24: Macanese Non-Life Insurance – Written Premium by Category (MOP Billion), 2012–2017
Table 25: Macanese Non-Life Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 26: Macanese Non-Life Insurance – Paid Claims (MOP Billion), 2008–2012
Table 27: Macanese Non-Life Insurance – Paid Claims (MOP Billion), 2012–2017
Table 28: Macanese Non-Life Insurance – Incurred Loss (MOP Billion), 2008–2012
Table 29: Macanese Non-Life Insurance – Incurred Loss (MOP Billion), 2012–2017
Table 30: Macanese Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 31: Macanese Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 32: Macanese Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 33: Macanese Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 34: Macanese Non-Life Insurance – Total Assets (MOP Billion), 2008–2012
Table 35: Macanese Non-Life Insurance – Total Assets (MOP Billion), 2012–2017
Table 36: Macanese Non-Life Insurance – Retentions (MOP Billion), 2008–2012
Table 37: Macanese Non-Life Insurance – Retentions (MOP Billion), 2012–2017
Table 38: Macanese Property Insurance – Written Premium (MOP Billion), 2008–2012
Table 39: Macanese Property Insurance – Written Premium (MOP Billion), 2012–2017
Table 40: Macanese Motor Insurance – Written Premium (MOP Billion), 2008–2012
Table 41: Macanese Motor Insurance – Written Premium (MOP Billion), 2012–2017
Table 42: Macanese Liability Insurance – Written Premium (MOP Billion), 2008–2012
Table 43: Macanese Liability Insurance – Written Premium (MOP Billion), 2012–2017
Table 44: Macanese Marine, Aviation and Transit Insurance – Written Premium (MOP Billion), 2008–2012
Table 45: Macanese Marine, Aviation and Transit Insurance – Written Premium (MOP Billion), 2012–2017
Table 46: Macanese Personal Accident and Health Insurance – Gross Written Premium (MOP Billion), 2008–2012
Table 47: Macanese Personal Accident and Health Insurance – Gross Written Premium (MOP Billion), 2012–2017
Table 48: Macanese Personal Accident and Health Insurance – Paid Claims (MOP Billion), 2008–2012
Table 49: Macanese Personal Accident and Health Insurance – Paid Claims (MOP Billion), 2012–2017
Table 50: Macanese Personal Accident and Health Insurance – Incurred Loss (MOP Billion), 2008–2012
Table 51: Macanese Personal Accident and Health Insurance – Incurred Loss (MOP Billion), 2012–2017
Table 52: Macanese Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 53: Macanese Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 54: Macanese Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 55: Macanese Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 56: Macanese Personal Accident and Health Insurance – Total Assets (MOP Billion), 2008–2012
Table 57: Macanese Personal Accident and Health Insurance – Total Assets (MOP Billion), 2012–2017
Table 58: Macanese Personal Accident and Health Insurance – Retentions (MOP Billion), 2008–2012
Table 59: Macanese Personal Accident and Health Insurance – Retentions (MOP Billion), 2012–2017
Table 60: Macanese Reinsurance Ceded by Insurance Segment (MOP Billion), 2008–2012
Table 61: Macanese Reinsurance Ceded by Insurance Segment (US$ Million), 2008–2012
Table 62: Macanese Reinsurance Ceded by Insurance Segment (MOP Billion), 2012–2017
Table 63: Macanese Reinsurance Ceded by Insurance Segment (US$ Million), 2012–2017
Table 64: Macanese Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 65: Macanese Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 66: Macanese Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 67: Macanese Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 68: Macanese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 69: Macanese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 70: Maximum liability of Aircraft Operators for Third Party Damages in Macau
Table 71: Capital Requirement of Macanese Insurers and Reinsurers
Table 72: Margin of Solvency for Non-Life Insurers in Macau
Table 73: Investment Regulations for Insurers and Reinsurers in Macau
Table 74: Other Corporate Taxes in Macau
Table 75: Macanese Insurance Industry – Market Shares (%), 2012
Table 76: Macanese Life Insurance – Market Shares (%), 2012
Table 77: Macanese Non-Life Insurance – Market Shares (%), 2012
Table 78: American International Assurance Co. (B) Ltd, Main Products
Table 79: China Life Insurance (Overseas) Company Ltd, Main Products
Table 80: China Life Insurance (Overseas) Company Ltd, Key Employees
Table 81: Macau Life Insurance Company Ltd, Main Products
Table 82: Macau Life Insurance Company Ltd, Key Employees
Table 83: Manulife (International) Ltd, Main Products

List of Figures
Figure 1: Southeast Asia – Economies and Populations, 2011
Figure 2: Southeast Asia – Growth Trends in the Insurance Industry
Figure 3: Southeast Asian Region – Total Insurance Industry by Insurance Segment (US$ Billion), 2011
Figure 4: Southeast Asian Comparison – Life Insurance Segment Gross Written Premium (US$ Billion), 2011
Figure 5: Southeast Asian Comparison – Life Insurance Premium per Capita (US$), 2011
Figure 6: Southeast Asian Comparison – Life Insurance Penetration (% of GDP), 2011 and 2016
Figure 7: Southeast Asian Comparison – Life Insurance Gross Written Premium Growth (%), 2007–2016
Figure 8: Southeast Asian Comparison – Life Insurance Gross Written Premium per Capita Growth (%), 2007–2016
Figure 9: Southeast Asian Comparison – Life Insurance Loss Ratio (%), 2011 and 2016
Figure 10: Southeast Asian Comparison – Life Insurance Combined Ratio (%), 2011 and 2016
Figure 11: Southeast Asian Comparison – Life Insurance Incurred Losses per Capita (US$), 2011 and 2016
Figure 12: Southeast Asian Comparison – Life Insurance Incurred Losses as a Percentage of GDP (%), 2011 and 2016
Figure 13: Southeast Asian Comparison – Non-Life Insurance Segment Gross Written Premium (US$ Billion), 2011
Figure 14: Southeast Asian Comparison – Non-Life Insurance Premium per Capita (US$), 2011
Figure 15: Southeast Asian Comparison – Non-Life Insurance Penetration (% of GDP), 2011 and 2016
Figure 16: Southeast Asian Comparison – Non-Life Insurance Gross Written Premium Growth (%), 2007–2016
Figure 17: Southeast Asian Comparison – Non-Life Insurance Gross Written Premium per Capita Growth (%), 2007–2016
Figure 18: Southeast Asian Comparison – Non-Life Insurance Loss Ratio (%), 2011 and 2016
Figure 19: Southeast Asian Comparison – Non-Life Insurance Combined Ratio (%), 2011 and 2016
Figure 20: Southeast Asian Comparison – Non-Life Insurance Incurred Losses per Capita (US$), 2011 and 2016
Figure 21: Southeast Asian Comparison – Non-Life Insurance Incurred Losses per GDP (%), 2011 and 2016
Figure 22: Southeast Asian Comparison – Personal Accident and Health Insurance Segment Gross Written Premium (US$ Billion), 2011
Figure 23: Southeast Asian Comparison – Personal Accident and Health Insurance Premium per Capita (US$), 2011
Figure 24: Southeast Asian Comparison – Personal Accident and Health Insurance Penetration (% of GDP), 2011 and 2016
Figure 25: Southeast Asian Comparison – Personal Accident and Health Insurance Gross Written Premium Growth (%), 2007–2016
Figure 26: Southeast Asian Comparison – Personal Accident and Health Insurance Gross Written Premium per Capita Growth (%), 2007–2016
Figure 27: Southeast Asian Comparison – Personal Accident and Health Insurance Loss Ratio (%), 2011 and 2016
Figure 28: Southeast Asian Comparison – Personal Accident and Health Insurance Combined Ratio (%), 2011 and 2016
Figure 29: Southeast Asian Comparison – Personal Accident and Health Insurance Incurred Losses per Capita (US$), 2011 and 2016
Figure 30: Southeast Asian Comparison – Personal Accident and Health Insurance Incurred Losses as a Percentage of GDP (%), 2011 and 2016
Figure 31: Macanese Insurance – Overall Written Premium by Segment (MOP Billion), 2008–2017
Figure 32: Macanese Insurance – Dynamics by Segment (%), 2008–2017
Figure 33: Macanese Life Insurance – Gross Written Premium (MOP Billion), 2008–2012
Figure 34: Macanese Life Insurance – Gross Written Premium (MOP Billion), 2012–2017
Figure 35: Macanese Life Insurance – Paid Claims (MOP Billion), 2008–2012
Figure 36: Macanese Life Insurance – Paid Claims (MOP Billion), 2012–2017
Figure 37: Macanese Life Insurance – Incurred Loss (MOP Billion), 2008–2012
Figure 38: Macanese Life Insurance – Incurred Loss (MOP Billion), 2012–2017
Figure 39: Macanese Life Insurance – Loss Ratio (%), 2008–2012
Figure 40: Macanese Life Insurance – Loss Ratio (%), 2012–2017
Figure 41: Macanese Life Insurance – Combined Ratio (%), 2008–2012
Figure 42: Macanese Life Insurance – Combined Ratio (%), 2012–2017
Figure 43: Macanese Life Insurance – Total Assets (MOP Billion), 2008–2012
Figure 44: Macanese Life Insurance – Total Assets (MOP Billion), 2012–2017
Figure 45: Macanese Life Insurance – Retentions (MOP Billion), 2008–2012
Figure 46: Macanese Life Insurance – Retentions (MOP Billion), 2012–2017
Figure 47: Macanese Life Insurance – Penetration (%), 2008–2012
Figure 48: Macanese Life Insurance – Premium per Capita (MOP), 2008–2012
Figure 49: Macanese Non-Life Insurance – Written Premium by Category (MOP Billion), 2008–2017
Figure 50: Macanese Non-Life Insurance – Written Premium by Category (%), 2012 and 2017
Figure 51: Macanese Non-Life Insurance – Dynamics by Category, 2008–2017
Figure 52: Macanese Non-Life Insurance – Paid Claims (MOP Billion), 2008–2012
Figure 53: Macanese Non-Life Insurance – Paid Claims (MOP Billion), 2012–2017
Figure 54: Macanese Non-Life Insurance – Incurred Loss (MOP Billion), 2008–2012
Figure 55: Macanese Non-Life Insurance – Incurred Loss (MOP Billion), 2012–2017
Figure 56: Macanese Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 57: Macanese Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 58: Macanese Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 59: Macanese Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 60: Macanese Non-Life Insurance – Total Assets (MOP Billion), 2008–2012
Figure 61: Macanese Non-Life Insurance – Total Assets (MOP Billion), 2012–2017
Figure 62: Macanese Non-Life Insurance – Retentions (MOP Billion), 2008–2012
Figure 63: Macanese Non-Life Insurance – Retentions (US$ Million), 2012–2017
Figure 64: Macanese Non-Life Insurance – Penetration (%), 2008–2012
Figure 65: Macanese Non-Life Insurance – Premium per Capita (MOP), 2008–2012
Figure 66: Macanese Property Insurance – Written Premium (MOP Billion), 2008–2012
Figure 67: Macanese Property Insurance – Written Premium (MOP Billion), 2012–2017
Figure 68: Macanese Motor Insurance – Written Premium (MOP Billion), 2008–2012
Figure 69: Macanese Motor Insurance – Written Premium (MOP Billion), 2012–2017
Figure 70: Macanese Liability Insurance – Written Premium (MOP Billion), 2008–2012
Figure 71: Macanese Liability Insurance – Written Premium (MOP Billion), 2012–2017
Figure 72: Macanese Marine, Aviation and Transit Insurance – Written Premium (MOP Billion), 2008–2012
Figure 73: Macanese Marine, Aviation and Transit Insurance – Written Premium (MOP Billion), 2012–2017
Figure 74: Macanese Personal Accident and Health Insurance – Gross Written Premium (MOP Billion), 2008–2012
Figure 75: Macanese Personal Accident and Health Insurance – Gross Written Premium (MOP Billion), 2012–2017
Figure 76: Macanese Personal Accident and Health Insurance – Paid Claims (MOP Billion), 2008–2012
Figure 77: Macanese Personal Accident and Health Insurance – Paid Claims (MOP Billion), 2012–2017
Figure 78: Macanese Personal Accident and Health Insurance – Incurred Loss (MOP Billion), 2008–2012
Figure 79: Macanese Personal Accident and Health Insurance – Incurred Loss (MOP Billion), 2012–2017
Figure 80: Macanese Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 81: Macanese Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 82: Macanese Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 83: Macanese Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 84: Macanese Personal Accident and Health Insurance – Total Assets (MOP Billion), 2008–2012
Figure 85: Macanese Personal Accident and Health Insurance – Total Assets (MOP Billion), 2012–2017
Figure 86: Macanese Personal Accident and Health Insurance – Retentions (MOP Billion), 2008–2012
Figure 87: Macanese Personal Accident and Health Insurance – Retentions (MOP Billion), 2012–2017
Figure 88: Macanese Personal Accident and Health Insurance – Penetration (%), 2008–2012
Figure 89: Macanese Personal Accident and Health Insurance – Premium per Capita (MOP), 2008–2012
Figure 90: Macanese Reinsurance Ceded by Insurance Segment (MOP Billion), 2008–2017
Figure 91: Macanese Reinsurance – Dynamics by Insurance Segment, 2008–2017
Figure 92: Macanese Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 93: Macanese Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 94: Macanese Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 95: Macanese Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 96: Macanese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 97: Macanese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 98: Insurance Regulatory Framework in Macau
Figure 99: Insurance Supervision and Control at Various Levels in Macau
Figure 100: Insurance Regulatory Framework for Company Registration and Operation in Macau
Figure 101: Macanese Insurance Industry – Market Shares (%), 2012
Figure 102: Macanese Life Insurance – Market Shares (%), 2012
Figure 103: Macanese Non-Life Insurance – Market Shares (%), 2012
Figure 104: Macanese GDP at Constant Prices (US$ Billion), 2007–2011
Figure 105: Macanese GDP per Capita at Constant Prices (US$), 2007–2011
Figure 106: Macanese GDP at Current Prices (US$ Billion), 2008–2012
Figure 107: Macanese GDP per Capita at Current Prices (US$), 2008–2012
Figure 108: Macanese Construction Net Output at Current Prices (US$ Billion), 2007–2010
Figure 109: Macanese Construction Output at Current Prices as a Percentage of GDP (%), 2007–2010
Figure 110: Macanese Inflation Rate (%), 2008–2012
Figure 111: Macanese Exports as a Percentage of GDP (%), 2007–2011
Figure 112: Macanese Imports as a Percentage of GDP (%), 2007–2011
Figure 113: Macanese Size of Labor Force (Million), 2007–2010
Figure 114: Macanese Household Consumption Expenditure (US$ Billion), 2007–2011
Figure 115: Macanese Total Population (Million), 2008–2012

In an economy that is dependant around tourism, gambling and manufacturing the financial services sector is gradually increasing, the insurance industry in particular.

American International Assurance Co. (B) Ltd
China Life Insurance (Overseas) Company Ltd
Macau Life Insurance Company Ltd
Manulife (International) Ltd

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