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

Published By :

Timetric

Published Date : May 2017

Category :

Life Insurance

No. of Pages : 122 Pages

Synopsis
Timetrics '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 (20112015) and forecast period (20152020).

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 Timetrics 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
Timetrics '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 segments 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 reports 20112015 review period, and projected figures for the 20152020 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 Kongs insurance business.

Non-linked life insurance products accounted for 81.9% of the segments 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 segments gross written premium in 2015.

Bancassurance accounted for 49.4% of the segments 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.

Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Sum assured
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Policies sold
5.2.3 Penetration
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
7 Competitive Landscape
7.1 Company Profiles
7.1.1 AIA International Ltd company overview
7.1.2 Prudential Hong Kong Ltd company overview
7.1.3 HSBC Life International Ltd company overview
7.1.4 China Life Insurance (Overseas) Company Ltd company overview
7.1.5 Manulife International Ltd company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Employee compensation insurance
8.4.3 Building owners corporations third-party liability insurance
8.4.4 Professional indemnity insurance for insurance brokers
8.4.5 Civil aviation liability insurance
8.4.6 Fidelity insurance for licence institutions dealing in securities and future contracts
8.4.7 Liability insurance for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 The Office of the Commissioner of Insurance (OCI)
8.5.3 The Hong Kong Federation of Insurers (HKFI)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Feestructure 97
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Direct Marketing and E-Commerce
9.4 Insurance Brokers and Agencies
9.5 Bancassurance and Other Distribution Channels
9.6 Individual Life Insurance
9.7 Individual Life Insurance by Product
9.8 Group Life Insurance
9.9 Group Life Insurance by Product
9.1 Individual Life Single vs. Non-Single Premium
9.11 Group Life Single vs. Non-Single Premium
9.12 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetrics Services
11.4 Disclaimer



List of Tables
Table 1: Hong Kong Life Insurance Key Facts, 2015
Table 2: Hong Kong Life Insurance Segment Shares of the Top Insurers, 2015
Table 3: Hong Kong Government Credit Ratings
Table 4: Hong Kong Life Insurance Gross Written Premium (HKD Billion and US$ Billion), 20112015
Table 5: Hong Kong Life Insurance Penetration (%), 20112015
Table 6: Hong Kong Life Insurance Gross Written Premium (HKD Billion and US$ Billion), 20152020
Table 7: Hong Kong Life Insurance Penetration (%), 20152020
Table 8: Hong Kong Life Insurance New Business Direct Written Premium (HKD Billion and US$ Billion), 20112015
Table 9: Hong Kong Life Insurance New Business Direct Written Premium (HKD Billion and US$ Billion), 20152020
Table 10: Hong Kong Life Insurance Premium per Capita (HKD and US$), 20112015
Table 11: Hong Kong Life Insurance Premium per Capita (HKD and US$), 20152020
Table 12: Hong Kong Life Insurance Number of Policies Sold (Thousand), 20112015
Table 13: Hong Kong Life Insurance Number of Policies Sold (Thousand), 20152020
Table 14: Hong Kong Life Insurance Paid Claims (HKD Billion and US$ Billion), 20112015
Table 15: Hong Kong Life Insurance Paid Claims (HKD Billion and US$ Billion), 20152020
Table 16: Hong Kong Life Insurance Sum Assured (HKD Trillion and US$ Trillion), 20112015
Table 17: Hong Kong Life Insurance Sum Assured (HKD Trillion and US$ Trillion), 20152020
Table 18: Hong Kong Life Insurance Direct Written Premium by Sub-Segment (HKD Billion), 20112015
Table 19: Hong Kong Life Insurance Direct Written Premium by Sub-Segment (HKD Billion), 20152020
Table 20: Hong Kong Individual Life Insurance Direct Written Premium by Category (HKD Billion), 20112015
Table 21: Hong Kong Individual Life Insurance Direct Written Premium by Category (HKD Billion), 20152020
Table 22: Hong Kong Individual Life Insurance Number of Policies Sold by Category (Thousand), 20112015
Table 23: Hong Kong Individual Life Insurance Number of Policies Sold by Category (Thousand), 20152020
Table 24: Hong Kong Group Life Insurance Direct Written Premium by Category (HKD Billion), 20112015
Table 25: Hong Kong Group Life Insurance Direct Written Premium by Category (HKD Billion), 20152020
Table 26: Hong Kong Group Life Insurance Number of Policies Sold by Category (Thousand), 20112015
Table 27: Hong Kong Group Life Insurance Number of Policies Sold by Category (Thousand), 20152020
Table 28: Hong Kong Life Insurance New Business Direct Written Premium by Distribution Channel (HKD Billion), 20112015
Table 29: Hong Kong Life Insurance New Business Direct Written Premium by Distribution Channel (HKD Billion), 20152020
Table 30: Hong Kong Life Insurance Percentage of New Business Direct Written Premium, by Distribution Channel, 20112020
Table 31: Hong Kong Life Segment Market Shares of Leading Insurers (%), 2015
Table 32: AIA International Ltd Company Key Facts
Table 33: Prudential Hong Kong Limited Company Key Facts
Table 34: HSBC Life International Limited Company Key Facts
Table 35: China Life Insurance (Overseas) Company Key Facts
Table 36: Manulife International Limited Company Key Facts
Table 37: Hong Kong Insurance Regulatory Framework Key Features
Table 38: Hong Kong Life Insurance Regulatory Framework
Table 39: Hong Kong Property Insurance Regulatory Framework
Table 40: Hong Kong Motor Insurance Regulatory Framework
Table 41: Hong Kong Liability Insurance Regulatory Framework
Table 42: Hong Kong Minimum Cover for Aircraft Liability Per Accident Per Aircraft
Table 43: Hong Kong Corporate Tax Rates for the Financial Year 2016
Table 44: Hong Kong Life Insurance Policies and Premium, 20112015
Table 45: Hong Kong Life Insurance Policies and Premium, 20152020
Table 46: Hong Kong Life Insurance Claims and Expenses, 20112015
Table 47: Hong Kong Life Insurance Claims and Expenses, 20152020
Table 48: Hong Kong Life Insurance Direct Marketing and E-Commerce, 20112015
Table 49: Hong Kong Life Insurance Direct Marketing and E-Commerce, 20152020
Table 50: Hong Kong Life Insurance Insurance Brokers and Agencies, 20112015
Table 51: Hong Kong Life Insurance Insurance Brokers and Agencies, 20152020
Table 52: Hong Kong Life Insurance Insurance Brokers and Agencies, 20112015
Table 53: Hong Kong Life Insurance Insurance Brokers and Agencies, 20152020
Table 54: Hong Kong Life Insurance Individual Life Insurance, 20112015
Table 55: Hong Kong Life Insurance Individual Life Insurance, 20152020
Table 56: Hong Kong Life Insurance Individual Life Insurance by Product, 20112015
Table 57: Hong Kong Life Insurance Individual Life Insurance by Product, 20152020
Table 58: Hong Kong Life Insurance Group Life Insurance, 20112015
Table 59: Hong Kong Life Insurance Group Life Insurance, 20152020
Table 60: Hong Kong Life Insurance Group Life Insurance by Product, 20112015
Table 61: Hong Kong Life Insurance Group Life Insurance by Product, 20152020
Table 62: Hong Kong Life Insurance Individual Life Insurance by Premium, 20112015
Table 63: Hong Kong Life Insurance Individual Life Insurance by Premium, 20152020
Table 64: Hong Kong Life Insurance Group Life Insurance by Premium, 20112015
Table 65: Hong Kong Life Insurance Group Life Insurance by Premium, 20152020
Table 66: Hong Kong Life Insurance Linked vs. Non-Linked Policies, 20112015
Table 67: Hong Kong Life Insurance Linked vs. Non-Linked Policies, 20152020
Table 68: Insurance Industry Definitions


List of Figures
Figure 1: Hong Kong Real GDP (HKD Billion), 20112020
Figure 2: Hong Kong Consumer Price Inflation (%), 20112020
Figure 3: Hong Kong Current Account Balance as Percentage of GDP (%), 20112020
Figure 4: HKD-US$ Exchange Rate, 20112020
Figure 5: Hong Kong Unemployment Rate, 20112020
Figure 6: Hong Kong Population by Age Group, 19912025
Figure 7: Hong Kong Life Insurance Penetration Regional Comparison (%), 2015
Figure 8: Hong Kong Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 9: Hong Kong Life Insurance Gross Written Premium (HKD Billion), 20112020
Figure 10: Hong Kong Life Insurance Penetration (%), 20112020
Figure 11: Hong Kong Life Insurance New Business Direct Written Premium (HKD Billion), 20112020
Figure 12: Hong Kong Life Insurance Premium per Capita (HKD), 20112020
Figure 13: Hong Kong Life Insurance Number of Policies Sold (Thousand), 20112020
Figure 14: Hong Kong Life Insurance Paid Claims (HKD Billion), 20112020
Figure 15: Hong Kong Life Insurance Sum Assured (HKD Trillion), 20112020
Figure 16: Hong Kong Life Insurance Direct Written Premium by Sub-Segment (HKD Billion), 20112020
Figure 17: Hong Kong Life Insurance Direct Written Premium Share by Sub-Segment, 20112020
Figure 18: Hong Kong Life Insurance Direct Written Premium Dynamics by Sub-Segment, 20112020
Figure 19: Hong Kong Individual Life Insurance Direct Written Premium by Category (HKD Billion), 20112020
Figure 20: Hong Kong Individual Life Insurance Direct Written Premium Share by Category, 2015 & 2020
Figure 21: Hong Kong Individual Life Insurance Direct Written Premium Dynamics by Category, 20112020
Figure 22: Hong Kong Individual Life Insurance Number of Policies Sold by Category (Thousand), 20112020
Figure 23: Hong Kong Individual Life Insurance Penetration (%), 20112015
Figure 24: Hong Kong Individual Life Insurance Penetration (%), 20152020
Figure 25: Hong Kong Group Life Insurance Direct Written Premium by Category (HKD Billion), 20112020
Figure 26: Hong Kong Group Life Insurance Direct Written Premium Share by Category (HKD Billion), 20112020
Figure 27: Hong Kong Group Life Insurance Direct Written Premium Dynamics by Category (HKD Billion), 20112020
Figure 28: Hong Kong Group Life Insurance Number of Policies Sold by Category (Thousand), 20112020
Figure 29: Hong Kong Group Life Insurance Penetration (%), 20112015
Figure 30: Hong Kong Group Life Insurance Penetration (%), 20152020
Figure 31: Hong Kong Life Insurance New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 32: Hong Kong Life Segment Market Shares of Leading Insurers (%), 2015
Figure 33: Hong Kong Insurance Supervision and Control at Various Levels
Figure 34: Hong Kong Insurance Regulatory Frameworks for Company Registration and Operation

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