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Strategic Market Intelligence: General Insurance in Hong Kong - Key trends and Opportunities to 2022

  • ID: 4792006
  • Report
  • Region: Hong Kong
  • 74 pages
  • GlobalData
1h Free Analyst Time

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FEATURED COMPANIES

  • AIA International Limited
  • Bupa (Asia) Limited
  • CNOOC Insurance Limited
  • EULER HERMES
  • HDI Global SE
  • Limited
  • MORE
Strategic Market Intelligence: General Insurance in Hong Kong - Key trends and Opportunities to 2022

Summary

The general insurance business accounts for just 9% of the Hong Kong's total insurance industry by GWP. The trend over the review period (2013-2017) showed that the share has been declining, as in 2013 it was 13%. As of the end of 2017, the total general insurance business was valued at HKD45.4 billion (US$5.8 billion). During the review period, the market size grew at a CAGR of 3.8%; it is projected to reach a size of HKD56.8 billion (US$7.7 billion) by 2022.

Personal Accident and Health (PA&H) insurance has the highest share of the business, accounting for a 33% share of GWP. It is followed by other lines of business, including Liability (23%) and Property (17%). Marine, Aviation and Transit (MAT) has grown in importance recently, due to policy emphasis. The government aims to extend support to promote the country's marine and shipping industry growth.

At an industry level, the combined ratio shows a rise during the review period, going from 89.7% in 2013 to 101.2% in 2017, suggesting a worsening underwriting performance. The PA&H and motor insurance businesses reported higher loss ratios in 2017 than others. Hong Kong's high cost of healthcare also reflects the cost of private health insurance, which also ranks among the highest in the world. Partly to address this, the government recently introduced a voluntary health insurance scheme.

Agents and brokers have conventionally held the predominant share in distribution. However, this is gradually giving way to technology-led channels. Importantly, there is an active government and regulatory push towards direct channels, based on internet and mobile-based technologies.

The report "Strategic Market Intelligence: General Insurance in Hong Kong - Key trends and Opportunities to 2022", provides a detailed outlook by product category for the Hong Kong general insurance segment. It provides values for key performance indicators such as written premium, loss ratio and general insurance penetration during the review period (2013-2017) and forecast period (2017-2022). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Hong Kong economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

The report provides
  • Key insights and dynamics of the Hong Kong general insurance industry
  • Comparison of Hong Kong general insurance segments, along with premium trends and key profitability ratios
  • A comprehensive overview of the Hong Kong economy, government initiatives, FDI, country risk, investment opportunities and enterprise structure
  • Hong Kong insurance regulatory framework's evolution, key facts, taxation regime, licensing and capital requirements
  • Hong Kong general insurance industry's market structure giving details of retail and commercial lines of business with market shares
  • Distribution channels deployed by the Hong Kong general insurers
  • Details of the competitive landscape, M&A and competitors' profiles
Companies mentioned:

AIA International Limited, AIG Insurance Hong Kong Limited, Allianz Global Corporate & Specialty SE, Allied World Assurance Company Limited, Asia Insurance Company Ltd, Assicurazioni Generali Società per Azioni, Assuranceforeningen SKULD (Gjensidig), Atradius Crédito y Caución S.A. de Seguros y Reaseguros, AXA China Region Insurance Company Limited, Axa Corporate Solutions Assurance, Axa General Insurance Hong Kong Ltd, Bank of China Group Insurance Company Ltd, Berkshire Hathaway Specialty Insurance Company, Blue Cross (Asia-Pacific) Insurance Limited, Bupa (Asia) Limited, China Ping An Insurance (Hong Kong) Company Limited, China Taiping Insurance (HK) Company Ltd, Chubb Insurance Hong Kong Ltd, CIGNA Worldwide General Insurance Company Limited, CNOOC Insurance Limited, Compagnie Française d'Assurance pour le Commerce Extérieur, EULER HERMES, HDI Global SE, Liberty International Insurance Limited, Lloyd's, MSIG Insurance (Hong Kong) Limited, Prudential General Insurance Hong Kong Limited, Qbe Hongkong & Shanghai Insurance Ltd, QBE Mortgage Insurance (Asia) Limited, Sinopec Insurance Limited, Starr International Insurance (Asia) Ltd, Sun Hung Kai Properties Insurance Ltd, Target Insurance Company, Limited, The Hong Kong Mortgage Corporation Limited , The West of England Ship Owners Mutual Insurance Association, XL Insurance Company SE, Zurich Insurance Company Ltd

Scope

This report provides a comprehensive analysis of the general insurance segment in Hong Kong -
  • It provides historical values for the Hong Kong general insurance segment for the report's 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key categories in the Hong Kong general insurance segment, and market forecasts to 2022.
  • It analyzes the various distribution channels for general insurance products in Hong Kong.
  • It profiles the top general insurance companies in Hong Kong, and outlines the key regulations affecting them.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Hong Kong general insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in Hong Kong general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Hong Kong insurance industry, and their impact on companies and the industry's future.
Note: Product cover images may vary from those shown
2 of 3

FEATURED COMPANIES

  • AIA International Limited
  • Bupa (Asia) Limited
  • CNOOC Insurance Limited
  • EULER HERMES
  • HDI Global SE
  • Limited
  • MORE
Chapter 1 Executive Summary

Chapter 2 Economy Overview

Chapter 3 Summary Trend and KPIs
  • Penetration and Growth
  • Consumer Segment and Retention
  • Premiums and Profitability
Chapter 4 Regulatory Risk
  • Evolution
  • Key Facts
  • Licensing Requirements
Chapter 5 Key Trends by Lines of Business - Retail and Commercial
  • Lines of Business
  • By Consumer Segment
  • Commercial Line of Business
  • Retail Line of Business
Chapter 6 Key Trends by Lines of Business - KPIs, Market Share and Concentration
  • Property Insurance
  • Motor Insurance
  • Liability Insurance
  • Financial Lines Insurance
  • Marine, Aviation and Transit Insurance
  • Personal Accident and Health Insurance
Chapter 7 Distribution Overview

Chapter 8 Competitive Landscape

Chapter 9 Competitor Profiles

Chapter 10 Insurtech

Chapter 11 Appendix
Note: Product cover images may vary from those shown
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  • AIA International Limited
  • AIG Insurance Hong Kong Limited
  • Allianz Global Corporate & Specialty SE
  • Allied World Assurance Company Limited
  • Asia Insurance Company Ltd
  • Assicurazioni Generali Società per Azioni
  • Assuranceforeningen SKULD (Gjensidig)
  • Atradius Crédito y Caución S.A. de Seguros y Reaseguros
  • AXA China Region Insurance Company Limited
  • Axa Corporate Solutions Assurance
  • Axa General Insurance Hong Kong Ltd
  • Bank of China Group Insurance Company Ltd
  • Berkshire Hathaway Specialty Insurance Company
  • Blue Cross (Asia-Pacific) Insurance Limited
  • Bupa (Asia) Limited
  • China Ping An Insurance (Hong Kong) Company Limited
  • China Taiping Insurance (HK) Company Ltd
  • Chubb Insurance Hong Kong Ltd
  • CIGNA Worldwide General Insurance Company Limited
  • CNOOC Insurance Limited
  • Compagnie Française d'Assurance pour le Commerce Extérieur
  • EULER HERMES
  • HDI Global SE
  • Liberty International Insurance Limited
  • Lloyd’s
  • MSIG Insurance (Hong Kong) Limited
  • Prudential General Insurance Hong Kong Limited
  • Qbe Hongkong & Shanghai Insurance Ltd
  • QBE Mortgage Insurance (Asia) Limited
  • Sinopec Insurance Limited
  • Starr International Insurance (Asia) Ltd
  • Sun Hung Kai Properties Insurance Ltd
  • Target Insurance Company
  • Limited
  • The Hong Kong Mortgage Corporation Limited
  • The West of England Ship Owners Mutual Insurance Association
  • XL Insurance Company SE
  • Zurich Insurance Company Ltd
Note: Product cover images may vary from those shown
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