Boston, MA -- (SBWIRE) -- 08/30/2012 -- In terms of gross written premiums, the life insurance segment was the largest in the Hong Kong insurance industry during the review period (2007-2011) and accounted for a share of 87.8% of the total insurance industry written premiums in 2011. The segment's growth was driven by a rising consumer awareness regarding life insurance coverage, favorable government regulations, and increasing product innovations and marketing campaigns. However, consumers have been reluctant to invest in unit-linked products as such cover is highly exposed to market conditions, resulting in a decline in demand. The decline in unit-linked plans has been offset by the positive growth of traditional products such as whole-life, endowment and term-life during the review period.
- Although, weak economic conditions impacted Hong Kong's economy in 2009, the country's life insurance section remained largely unaffected with consumers simply changing their preference towards certain products.
- The growth in traditional life insurance products including whole life, endowment and term life ensured the robust performance of the segment. The share of traditional life insurance products including whole life, endowment and term life in terms of the overall life insurance premium increased from 28.3% in 2007 to 47.7% in 2011.
- The growth in the segment was attributed to the various strategies adopted by life insurance companies to influence the buying behavior of the customers. During the review period, life insurance companies initiated various marketing strategies to cater to diverse customer segments according to their financial needs.
- Life insurance companies have been relying on different distribution channels to reach out to a larger customer base and market their products. Bancassurance remained the most popular distribution channel in Hong Kong during the review period despite increasing competition from agencies and the direct marketing channel. Leading banks, including HSBC Insurance (Asia) and BOC Group-life Assurance Company, have established their own life insurance companies in Hong Kong.
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This report provides a comprehensive analysis of the life insurance market in Hong Kong:
- It provides historical values for the Hong Kong life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Hong Kong life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for insurance products in Hong Kong
Companies Mentioned in this Report: HSBC Insurance (Asia) Ltd., American International Assurance Company (Bermuda) Limited, Prudential Corporation Asia Limited, Manulife (International) Limited, AXA (Hong Kong) Life Insurance Co., Ltd., BOC Group-life Assurance Company Limited, Hang Seng Life Ltd., China Life Insurance Company Limited, ING Life Insurance Company (Bermuda) Limited, Sun Life Hong Kong Limited"
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