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Life Insurance in Hong Kong, Key Trends and Opportunities to 2020

Life Insurance in Hong Kong, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in Hong Kong, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Hong Kong life insurance segment, and a comparison of the Hong Kong insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Hong Kong economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in Hong Kong, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Hong Kong life insurance segment, including:

  • An overview of the Hong Kong life insurance segment
  • The Hong Kong life insurance segment’s growth prospects by category
  • A comprehensive overview of the Hong Kong economy and demographics
  • A comparison of the Hong Kong life insurance segment with its regional counterparts
  • The various distribution channels in the Hong Kong life insurance segment
  • Details of the competitive landscape in the life insurance segment in Hong Kong
  • Details of regulatory policy applicable to the Hong Kong insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Hong Kong:
  • It provides historical values for the Hong Kong life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Hong Kong life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Hong Kong life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in Hong Kong.
  • It profiles the top life insurance companies in Hong Kong and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Hong Kong life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Hong Kong life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Hong Kong insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • In October 2016, revised Guidance Note 10 (GN10) came into force with a compulsory attributable annual gross premium income of 50.0% to the Hong Kong’s insurance business.
  • Non-linked life insurance products accounted for 81.9% of the segment’s direct written premium, followed by linked products with 18.1%.
  • The Hong Kong life insurance segment was consolidated, with 10 leading insurers accounting for 83.2% of the segment’s gross written premium in 2015.
  • Bancassurance accounted for 49.4% of the segment’s new business direct written premium in 2015.
  • Life insurance penetration stood at 13.6% in 2015.
  • Agencies and insurance brokers accounted for 28.3% and 21.9% of the new business direct written premium.


  • Key Facts and Highlights
    • Table Hong Kong Life Insurance - Key Facts, 2015
    • Table Hong Kong Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Hong Kong Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Hong Kong Life Insurance - Gross Written Premium (HKD Billion and US$ Billion), 2011-2015
        • Table Hong Kong Life Insurance - Penetration (%), 2011-2015
        • Table Hong Kong Life Insurance - Gross Written Premium (HKD Billion and US$ Billion), 2015-2020
        • Table Hong Kong Life Insurance - Penetration (%), 2015-2020
        • Table Hong Kong Life Insurance - New Business Direct Written Premium (HKD Billion and US$ Billion), 2011-2015
        • Table Hong Kong Life Insurance - New Business Direct Written Premium (HKD Billion and US$ Billion), 2015-2020
        • Table Hong Kong Life Insurance - Premium per Capita (HKD and US$), 2011-2015
        • Table Hong Kong Life Insurance - Premium per Capita (HKD and US$), 2015-2020
      • Policies sold
        • Table Hong Kong Life Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table Hong Kong Life Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table Hong Kong Life Insurance - Paid Claims (HKD Billion and US$ Billion), 2011-2015
        • Table Hong Kong Life Insurance - Paid Claims (HKD Billion and US$ Billion), 2015-2020
      • Sum assured
        • Table Hong Kong Life Insurance - Sum Assured (HKD Trillion and US$ Trillion), 2011-2015
        • Table Hong Kong Life Insurance - Sum Assured (HKD Trillion and US$ Trillion), 2015-2020
  • Outlook by Sub-Segment
    • Table Hong Kong Life Insurance - Direct Written Premium by Sub-Segment (HKD Billion), 2011-2015
    • Table Hong Kong Life Insurance - Direct Written Premium by Sub-Segment (HKD Billion), 2015-2020
    • Individual Life Insurance
      • Premium
        • Table Hong Kong Individual Life Insurance - Direct Written Premium by Category (HKD Billion), 2011-2015
        • Table Hong Kong Individual Life Insurance - Direct Written Premium by Category (HKD Billion), 2015-2020
      • Policies sold
        • Table Hong Kong Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2015
        • Table Hong Kong Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2015-2020
      • Penetration
    • Group Life Insurance
      • Premium
        • Table Hong Kong Group Life Insurance - Direct Written Premium by Category (HKD Billion), 2011-2015
        • Table Hong Kong Group Life Insurance - Direct Written Premium by Category (HKD Billion), 2015-2020
      • Policies sold
        • Table Hong Kong Group Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2015
        • Table Hong Kong Group Life Insurance - Number of Policies Sold by Category (Thousand), 2015-2020
      • Penetration
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Table Hong Kong Life Insurance - New Business Direct Written Premium by Distribution Channel (HKD Billion), 2011-2015
      • Table Hong Kong Life Insurance - New Business Direct Written Premium by Distribution Channel (HKD Billion), 2015-2020
      • Table Hong Kong Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
  • Competitive Landscape
    • Table Hong Kong Life Segment - Market Shares of Leading Insurers (%), 2015
    • Company Profiles
      • AIA International Ltd - company overview
        • Table AIA International Ltd Company - Key Facts
      • Prudential Hong Kong Ltd - company overview
        • Table Prudential Hong Kong Limited Company - Key Facts
      • HSBC Life International Ltd - company overview
        • Table HSBC Life International Limited Company - Key Facts
      • China Life Insurance (Overseas) Company Ltd- company overview
        • Table China Life Insurance (Overseas) Company - Key Facts
      • Manulife International Ltd - company overview
        • Table Manulife International Limited Company - Key Facts
  • Governance, Risk and Compliance
    • Table Hong Kong - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Hong Kong - Life Insurance Regulatory Framework
      • Property insurance
        • Table Hong Kong - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Hong Kong- Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Hong Kong - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Employee compensation insurance
      • Building owners' corporations third-party liability insurance
      • Professional indemnity insurance for insurance brokers
      • Civil aviation liability insurance
        • Table Hong Kong - Minimum Cover for Aircraft Liability Per Accident Per Aircraft
      • Fidelity insurance for licence institutions dealing in securities and future contracts
      • Liability insurance for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • The Office of the Commissioner of Insurance (OCI)
      • The Hong Kong Federation of Insurers (HKFI)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Hong Kong - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Hong Kong Life Insurance - Policies and Premium, 2011-2015
      • Table Hong Kong Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Hong Kong Life Insurance - Claims and Expenses, 2011-2015
      • Table Hong Kong Life Insurance - Claims and Expenses, 2015-2020
    • Direct Marketing and E-Commerce
      • Table Hong Kong Life Insurance - Direct Marketing and E-Commerce, 2011-2015
      • Table Hong Kong Life Insurance - Direct Marketing and E-Commerce, 2015-2020
    • Insurance Brokers and Agencies
      • Table Hong Kong Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Hong Kong Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Bancassurance and Other Distribution Channels
      • Table Hong Kong Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Hong Kong Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Individual Life Insurance
      • Table Hong Kong Life Insurance - Individual Life Insurance, 2011-2015
      • Table Hong Kong Life Insurance - Individual Life Insurance, 2015-2020
    • Individual Life Insurance by Product
      • Table Hong Kong Life Insurance - Individual Life Insurance by Product, 2011-2015
      • Table Hong Kong Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Group Life Insurance
      • Table Hong Kong Life Insurance - Group Life Insurance, 2011-2015
      • Table Hong Kong Life Insurance - Group Life Insurance, 2015-2020
    • Group Life Insurance by Product
      • Table Hong Kong Life Insurance - Group Life Insurance by Product, 2011-2015
      • Table Hong Kong Life Insurance - Group Life Insurance by Product, 2015-2020
    • Individual Life - Single vs. Non-Single Premium
      • Table Hong Kong Life Insurance - Individual Life Insurance by Premium, 2011-2015
      • Table Hong Kong Life Insurance - Individual Life Insurance by Premium, 2015-2020
    • Group Life - Single vs. Non-Single Premium
      • Table Hong Kong Life Insurance - Group Life Insurance by Premium, 2011-2015
      • Table Hong Kong Life Insurance - Group Life Insurance by Premium, 2015-2020
    • Linked vs. Non-Linked Policies
      • Table Hong Kong Life Insurance - Linked vs Non-Linked Policies, 2011-2015
      • Table Hong Kong Life Insurance - Linked vs Non-Linked Policies, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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