Motor Insurance Market Research Hong Kong, Hong Kong Non- Life Insurance Market Research - Ken Research

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Non life insurance - a profitable business in
Hong Kong Ken Research
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The Hong Kong economy is considered to have the
highest degree of economic freedom in the world
and is one of the leading international financial
markets. It has one of the most effective
taxation systems, a low level of corruption, a
very strong banking and legal system and is the
third largest recipient of FDI in the world. The
FDI limit for the insurance sector is 100 which
greatly improves the sectors performance. Hong
Kong is prone to natural disasters such as
floods, storms, earthquakes and wildfires. This
makes the insurance sector all the more
important. Also, the country has high per capita
insurance premium and is considered to be the
most developed insurance market in the region.
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According to the statistics as at 31 December
2016 provided by the Insurance Agents
Registration Board ("IARB"), there were 2,482
insurance agencies, 63,148 individual agents and
26,835 responsible officers/technical
representatives registered with the IARB. As at
31 December 2016, there were 160 authorized
insurers in Hong Kong, of which 94 were pure non
life insurers, 47 were pure long term insurers
and the remaining 19 were composite insurers.
General insurance sector recorded a modest growth
in 2015, with total gross premiums increased by
5.4 to 45,983 million while underwriting profit
decreased by 60.7 to 1,193 million. There has
been a decline in claims of non life insurance
but inspite of the decline of claims experience,
many of the business reported an underwriting
profit.
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Huge profits were also registered by the Goods in
Transit business and Accident Health business.
The two major classes of compulsory business,
direct Motor Vehicle business and direct EC
business had registered underwriting losses. AXA
General Insurance Hong Kong, China Taiping
Insurance (HK) Company Limited, Bupa (Asia)
Limited, Zurich Insurance Company Ltd, Bank of
China Group Insurance Company Limited, QBE Hong
Kong Shanghai Insurance Limited, AIG Insurance
Hong Kong Limited, Blue Cross (Asia-Pacific)
Insurance Limited, Chubb Insurance Hong Kong
Limited and AXA China Region Insurance Company
Limited had been the 10 leading insurers in Hong
Kong.
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According to the research report Non-Life
Insurance in Hong Kong, Key Trends and
Opportunities to 2020, the intermediaries
between policy holders and the authorised
insurers are the insurance agents and brokers.
The insurance agents are affiliated with some or
the other insurance company but the brokers are
not contracted through any insurance company. As
at end-June 2016, there were 2,482 insurance
agencies and 56,809 individual agents registered
with the Insurance Agents Registration Board, and
744 authorised insurance brokers who are the
members of the approved bodies of insurance
brokers, namely The Hong Kong Confederation of
Insurance Brokers and Professional Insurance
Brokers Association. The insurance sector is
regulated by Office of the Commissioner of
Insurance (OCI), which has set up a regulatory
framework and guidelines for the insurers and
insurance intermediaries.
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• Key Topics Covered in the Report
• Global Non-Life Insurance Industry
• Hong Kong Non- Life Insurance Market Research
• Non-Life Insurance Sector Trends Hong Kong
• Hong Kong General Insurance Regulations
• Motor Insurance Market Research Hong Kong
• Property Insurance Sector Hong Kong
• Health Insurance Demand Hong Kong
• Hong Kong Automobile Industry Research
• Hong Kong Four Wheeler Demand
• To know more about the research report
• https//www.kenresearch.com/banking-financial-serv
  ices-and-insurance/insurance/non-life-insurance-ho
  ng-kong/109201-93.html

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Related reports https//www.kenresearch.com/bankin
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t Ken Research Ankur Gupta, Head Marketing
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