Fast Market Research recommends "Hong Kong Insurance Report Q2 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 02/18/2014 -- BMI View. Many of the world's leading multi-national life insurance companies have correctly recognised that Hong Kong represents a very attractive market opportunity. Premiums equivalent to around 10% of GDP are being channelled into life insurance. Over any short-term period, the growth of premiums will depend significantly on how the Special Administrative Region's savers and investors see life insurance visa- vis other asset classes such as cash and equities.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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In part because of very low interest rates and volatile stock markets, the life segment has sustained doubledigit annual growth in premiums over recent years. We are looking for less rapid, but still very steady expansion through the forecast period. The further growth of Hong Kong as a centre for commerce, logistics and finance of global importance will underpin the development of the non-life segment.
In both the life and the non-life segments, the major players can demonstrate several strengths: scale; brand; backing of major financial services organisations; access to capital; suitably broad portfolios of products; and multi-channel distribution. Many see Hong Kong as a key market among others that they are serving in the region. Many are focusing on particular market opportunities. Some of the leading life insurance groups, for instance, have a presence in the Mandatary Provident Fund and/or wealth management markets. All exercise price discipline. Indeed, the maintenance of pricing power in Hong Kong's non-life segment underpins our expectation of continued steady growth during the forecast period.
Key BMI Forecasts
- Total gross premiums will rise by 6.2% to US$36.9bn in 2014.
- In the life segment, total gross premiums will increase by 5.9% to US$31.1bn
- In the non-life segment, total gross premiums will grow by 8.1% to US$5.8bn.
- Within the non-life segment motor insurance premiums will rise by 9.6% to US$0.6bn.
- Property insurance premiums will expand by 7.9% to US$1.2bn.
- General liability insurance continues to grow. In 2014, gross premiums will increase by 6.8% to US $1.4bn.
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