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New Market Research Report: Personal Accident and Health Insurance in Hong Kong, Key Trends and Opportunities to 2017

Recently published research from Timetric, "Personal Accident and Health Insurance in Hong Kong, Key Trends and Opportunities to 2017", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 12/10/2013 -- The Hong Kong personal accident and health insurance segment recorded growth during the review period, with the segment's written premium value increasing at a CAGR of 6.9%. This growth was driven by an increase in healthcare expenditure, a rise in the volume of outbound tourists, favorable government initiatives and growing consumer awareness of the benefits of insurance products. Furthermore, Hong Kong's positive economic outlook is expected to drive the growth of the segment over the forecast period. According to the IMF, Hong Kong's GDP at current price is expected to increase at a CAGR of 8.1% over the forecast period, to reach a projected value of HKD3.0 trillion (US$387.2 billion) in 2017. This growth is expected to result in an increase in average income levels and, consequently, improved demand for personal accident and health insurance products. Specifically, the number of personal accident and health insurance policies sold in the country is expected to increase from 4.2 million in 2012 to 5.2 million in 2017, at a projected forecast-period CAGR of 4.5%.

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Key Highlights

- Health insurance was the largest category in the segment during the review period, representative of a 77.6% share of the total written premiums in 2012
- This growth of the personal accident and health insurance segment was driven by an increase in healthcare expenditure, a rise in the volume of outbound tourists, favorable government initiatives and growing consumer awareness of the benefits of insurance products
- Direct marketing was the most popular distribution channel in the personal accident and health segment, and accounted for 29.1% of the segment's written premiums in 2012, up from 23.8% in 2008
- The personal accident and health segment is highly competitive and concentrated, with the top 10 companies accounting for a combined segment share of 76.9% in 2011

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Hong Kong:

- It provides historical values for Hong Kong's personal accident and health insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in Hong Kong's personal accident and health insurance segment, along with market forecasts until 2017
- 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 personal accident and health insurance products in Hong Kong
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Hong Kong for the personal accident and health insurance segment

Companies Mentioned in this Report: Bupa (Asia) Ltd, HSBC Insurance (Asia) Ltd, American International Assurance Company Ltd, Axa General Insurance Hong Kong Ltd, Blue Cross (Asia-Pacific) Insurance Ltd, AIG Insurance Hong Kong Ltd, Bank of China Group Insurance Company Ltd, Prudential Corporation Asia Ltd, Liberty International Insurance Ltd, Gan Assurances

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