Boston, MA -- (SBWire) -- 12/06/2013 --In terms of gross written premium, the life insurance segment was the largest in the Hong Kong insurance industry during the review period and accounted for 87.5% of the total insurance industry's written premiums in 2012. The segment's written premium grew at a CAGR of 7.6% during the review period. The segment's growth was driven by rising consumer awareness of life insurance cover, favorable government regulations, product innovation and marketing campaigns. However, consumers have been reluctant to invest in unit-linked products which are highly exposed to market conditions, whereas traditional products such as whole life, endowment and term life insurance grew during the review period. This growth was mainly a result of the increasing acceptance of these products among the general public due to marketing strategies adopted by insurers to encourage clients to use traditional products as an investment vehicle during the economic downturn. Hong Kong's life insurance written premium is expected to grow at a CAGR of 4.9% over the forecast period.
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Key Highlights
- In terms of gross written premium, the life insurance segment was the largest in the Hong Kong insurance industry during the review period
- The life insurance segment recorded notable growth by increasing at a CAGR of 7.6% during the review period
- The segment's growth was driven by rising consumer awareness of life insurance cover, favorable government regulations, product innovation and marketing campaigns
- Bancassurance is the one of the popular and dominant distribution channel for life products in Hong Kong, and accounted for 46.6% of the new business written premium in 2012
- The segment is highly concentrated with the 10-leading life insurance companies accounting for 75.2% of the segment's written premium in 2011
Scope
This report provides a comprehensive analysis of the life insurance segment in Hong Kong:
- It provides historical values for Hong Kong's life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in Hong Kong's life insurance segment, along with market forecasts until 2017
- It covers an exhaustive list of parameters including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for life insurance products in Hong Kong
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Hong Kong for the life insurance business
- It provides a detailed analysis of the reinsurance segment in Hong Kong and its growth prospects
- It profiles the top life insurance companies in Hong Kong and outlines the key regulations affecting them
Companies Mentioned in this Report: HSBC Insurance (Asia) Ltd, American International Assurance Company, Prudential Corporation Asia Ltd, Manulife (International) Ltd, BOC Group Life Assurance Company Ltd, Hang Seng Life Ltd, China Life Insurance (Overseas) Company Ltd, Axa China Region Insurance Company, ING Life Insurance Company, Sun Life Hong Kong Ltd
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