100% Foreign Direct Investment to Thrive Hong Kong Insurance Industry: Ken Research
Ken
Research has announced recent report titled, “Governance,
Risk and Compliance – The Hong Kong Insurance Industry” which provides
insights into the governance, risk and compliance framework pertaining to the
insurance industry in Hong Kong. This report provides an overview of the
insurance regulatory framework in Hong Kong and the latest key changes, and
changes expected in the country's insurance regulatory framework along with key
regulations and market practices related to different types of insurance
products in the country.
It
gives a detailed analysis of the insurance regulations for life, property,
motor, liability, personal accident and health, and marine, aviation and
transit insurance and studies well the key parameters including licensing requirements,
permitted foreign direct investment, minimum capital requirements, solvency and
reserve requirements, and investment regulations.
It
analyzes the rules and regulations pertaining to the establishment and
operation of insurance businesses in the country and also provides the details
of taxation imposed on insurance products and insurance companies.
Hong
Kong has had one of the most developed insurance markets in the region, with
the per capita insurance premium standing at high levels and also the country
has managed to attract many of the world's top insurance companies. The
regulatory body that supervised and regulated the insurance industry in Hong
Kong had long been OCI though now, the government of Hong Kong has forwarded a
proposal to establish the Independent Insurance Authority (IIA), replacing the
OCI as the country's insurance regulator.
The
leading insurers by overall gross premiums in 2014 had been AXA General Insurance Hong Kong, Zurich
Insurance Company Ltd, Bupa (Asia) Limited, China Taiping Insurance (HK)
Company Limited, Bank of China Group Insurance Company Limited, QBE-HKSI
Limited, AIG Insurance Hong Kong Limited, CNOOC Insurance Limited, Asia
Insurance Company Limited, and AXA China Region Insurance Company Limited.
Now
the reinsurers are not required to seek authorization to carry out operational
activities in Hong Kong and a cherry on the top i.e. 100% foreign direct
investment is permitted in the insurance industry that is allover expected to
boost the industry’s performance. On the other hand, Composite insurance is not
permitted in the country due to fears of extreme losses.
Hong
Kong had 161 authorized insurers as of end-June 2016, about half of which were
incorporated overseas and among the overseas-incorporated insurers, Bermuda,
the US and the UK had taken the lead. This number is definitely forecasted to
ascend in the coming years with rising CAGR of the industry each year it
proceeds.
Key Factors
Considered in the Report
Global
Insurance Industry Research
Hong
Kong Insurance Industry Research
Hong
Kong Non-Life Insurance Industry
Hong
Kong Life Insurance Market
Hong
Kong Life Insurance Market Research
Life
Insurance Sector Trends Hong Kong
Hong
Kong Insurance Industry Regulations
Hong Kong Insurance Market Competition
For more coverage click on the link
below:
Related links:
Contact Us:
Ken
Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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