Hong Kong Insurance Report Q2 2016
BMI View: As of early 2016, the latest results from the leading insurance companies highlight the dynamism and sophistication of the players in both the life and the non-life segments. In the life segment, demand is being boosted by high savings rates, the central role played by insurers in the organised savings landscape and mainland visitors. In the non-life segment, growth is being driven by two sub-sectors - accident & health and motor vehicle insurance. Key Updates And Forecasts
Hong Kong's insurance sector is dominated by the massive and dynamic life segment, which accounts for about 87% of all premiums written. Growth in life insurance premiums will be driven by a number of factors. These include Hong Kong's persistent surplus of savings and the central role played by life insurance in organised savings. In addition, the population is ageing: demand for the insurers' retirement income solutions is rising. The life insurers have been enjoying double digit growth in new business: this is partly because of their development of attractive new products and partly because of their distribution strategies - which normally rely on multiple channels. Finally, there are substantial, and still growing, opportunities to sell protection, savings and wealth management offerings to residents of mainland China. If anything, the risks to forecasts are to the upside.
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