Hong Kong Insurance Q2 2020
We retain a generally optimistic outlook for the highly sophisticated Hong King insurance industry over the mediumterm to 2024. Growth prospects in the insurance industry are being driven by rising demand from both domestic and mainlandChinese clients in the life segment. In the smaller non-life sector, high incomes and product innovation continue to supportcorporate and household demand for niche and standard coverage. We expect carriers to actively innovate their offering portfoliosto deepen their relationships with existing clients as first-time buyer opportunities are increasingly limited. That said, we note thatprimary risks are to the downside owing to economic and civic uncertainties but preliminary data suggests that the industry postedhealthy growth in 2019 despite the socioeconomic tensions.
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