Hong Kong General Insurance Regulations, Global Non-Life Insurance Industry - Ken Research
The Hong Kong economy is considered to have
the highest degree of economic freedom in the world and is one of the leading
international financial markets. It has one of the most effective taxation
systems, a low level of corruption, a very strong banking and legal system and
is the third largest recipient of FDI in the world. The FDI limit for the
insurance sector is 100% which greatly improves the sector’s performance. Hong
Kong is prone to natural disasters such as floods, storms, earthquakes and
wildfires. This makes the insurance sector all the more important. Also, the
country has high per capita insurance premium and is considered to be the most
developed insurance market in the region.
According to the statistics as at 31 December
2016 provided by the Insurance Agents Registration Board ("IARB"),
there were 2,482 insurance agencies, 63,148 individual agents and 26,835
responsible officers/technical representatives registered with the IARB. As at
31 December 2016, there were 160 authorized insurers in Hong Kong, of which 94
were pure non life insurers, 47 were pure long term insurers and the remaining
19 were composite insurers. General insurance sector recorded a modest growth
in 2015, with total gross premiums increased by 5.4% to $45,983 million while
underwriting profit decreased by 60.7% to $1,193 million.
There has been a decline in claims of non life
insurance but inspite of the decline of claims experience, many of the business
reported an underwriting profit. Huge profits were also registered by the Goods
in Transit business and Accident & Health business. The two major classes
of compulsory business, direct Motor Vehicle business and direct EC business
had registered underwriting losses
AXA General Insurance Hong Kong, China Taiping
Insurance (HK) Company Limited, Bupa (Asia) Limited, Zurich Insurance Company
Ltd, Bank of China Group Insurance Company Limited, QBE Hong Kong &
Shanghai Insurance Limited, AIG Insurance Hong Kong Limited, Blue Cross
(Asia-Pacific) Insurance Limited, Chubb Insurance Hong Kong Limited and AXA
China Region Insurance Company Limited had been the 10 leading insurers in Hong
Kong.
According to the research report “Non-Life
Insurance in Hong Kong, Key Trends and Opportunities to 2020”, the intermediaries between policy holders
and the authorised insurers are the insurance agents and brokers. The insurance
agents are affiliated with some or the other insurance company but the brokers
are not contracted through any insurance company. As at end-June 2016, there
were 2,482 insurance agencies and 56,809 individual agents registered with the
Insurance Agents Registration Board, and 744 authorised insurance brokers who
are the members of the approved bodies of insurance brokers, namely The Hong
Kong Confederation of Insurance Brokers and Professional Insurance Brokers Association.
The insurance sector is regulated by Office of the Commissioner of Insurance
(OCI), which has set up a regulatory framework and guidelines for the insurers
and insurance intermediaries.
Key Topics Covered in the Report:
Global Non-Life Insurance Industry
Hong Kong Non- Life Insurance Market Research
Non-Life Insurance Sector Trends Hong Kong
Hong Kong General Insurance Regulations
Motor Insurance Market Research Hong Kong
Property Insurance Sector Hong Kong
Health Insurance Demand Hong Kong
Hong Kong Automobile Industry Research
Hong Kong Four Wheeler Demand
To know more about the research
report:
Related reports
Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-124-4230204
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