Hong Kong: Hong Kong Insurance
2011/03/30
Overview
- Hong Kong has the second most developed insurance market in the region after Japan in term of per capita insurance premium. Being a leading insurance centre in Asia, Hong Kong has attracted many of the world's top insurance companies.
- In the first three quarters of 2009, total gross premiums fell 9.1% year-on-year (YoY) to HK$138.6 billion (US$17.9 billion) -- long-term insurance business represented about 84% of the market for this period, while general business accounted for the remaining 16%.
- The Chinese mainland recorded a YoY growth of 11.7% in premium incomes in the first 11 months of 2009, making it the fastest growth insurance market in the world. In addition to the Chinese mainland's WTO liberalisation, Hong Kong's insurance sector and professionals can benefit from the CEPA agreement to gain enhanced access to the mainland’s insurance market.
Sep 2009 |
|
Employment |
30,185 |
Number of establishments |
8,072 |
Source: Quarterly Report of Employment, and Vacancies Statistics, Census & Statistics Department
Insurance Market |
2008 |
Total premium income (US$ billion) |
24.3 |
Long-term business |
20.9 |
General business |
3.4 |
Insurance penetration (premium income as % of GDP) |
11.3 |
Insurance density (per capita expenditure, US$) |
3,489 |
Source: Office of the Commissioner of Insurance
Number of authorised insurers |
2009 |
Total |
171 |
Long-term insurance |
46 |
General insurance |
106 |
Composite |
19 |
Source: Office of the Commissioner of Insurance
|
2007 (US$ mn) |
Total exports of insurance services |
468 |
Direct insurance (life and non-life) |
195 |
Reinsurance |
204 |
Others (agency/broking/consultancy/actuarial valuation/loss adjusting) |
68 |
Contribution to services exports (%) |
0.6 |
Source: Report on Hong Kong Trade in Services Statistics for 2007, Census & Statistics Department
- Against the backdrop of a highly matured market, an ageing population and rising general affluence, many insurers are already venturing into retirement planning and wealth management to meet consumer demands.
- In line with the regional trend, multi-channel distribution for insurance products is growing in popularity. While insurance products are primarily distributed by insurance agents, bancassurance penetration (the distribution of insurance products by banks) has been growing rapidly. Asia, in particular China, continues to be viewed by global insurers and reinsurers as the region of opportunities. In addition to the Chinese mainland's WTO liberalisation, Hong Kong's insurance sector and professionals can benefit from the CEPA agreement signed with the Chinese mainland.
- The Chinese mainland recorded a YoY growth of 11.7% in premiums income in the first 11 months of 2009, making it the fastest growth insurance market in the world.
- As of 31 December 2009, 7 insurance and insurance-related services companies had obtained Hong Kong Service Supplier (HKSS) certificates, out of 7 applications.
Current Scope of Access |
Access for Hong Kong under CEPA |
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