Marktanalyse - Life Insurance in Hong Kong, Key Trends and Opportunities to 2016

Synopsis
The report provides in depth market analysis, information and insights into the Hong Kong life insurance market, including:
• The Hong Kong life insurance market’s growth prospects by life insurance categories and customer segments
• The various distribution channels in the Hong Kong life insurance market
• The competitive landscape in the Hong Kong life insurance market
• A description of the life reinsurance market in Hong Kong

Summary
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.

Scope
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
• Using Porter’s industry-standard 'Five Forces” analysis, it details the competitive landscape in Hong Kong for life insurance business
• It provides a detailed analysis of the reinsurance market in Hong Kong and its growth prospects
• 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 market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Hong Kong life insurance market
• Assess the competitive dynamics in the life insurance market, along with the reinsurance segment
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the Hong Kong insurance market and its impact on companies and the market's future

Key Highlights
• 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.

Press Release:

Life Insurance in Hong Kong, Key Trends and Opportunities to 2016

In terms of gross written premium, 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 grew at a CAGR of 2.6% during the review period. 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 tradition products such as whole-life, endowment and term-life during the review period. The robust growth in the written premium of traditional products is expected to ensure the growth of the segment over the forecast period (2012—2016) and written premium is expected to grow at a CAGR of 7.2%.

Mandatory Provident Fund (MPF) system key to growth

In order to provide retirement protection to workers and the self-employed through long-term savings, the MPF system was launched in December 2000. Under this system, employees and employers must contribute 5% of the employees’ monthly income as a mandatory contribution, subject to income levels. Self-employed individuals must also contribute 5% of their relevant income as mandatory contributions in order to avail the benefits of the MPF scheme post-retirement. In addition to the retirement protection, the employees and employers are both provided with tax deductions on their contributions. The MPF schemes are offered by licensed trustees, including banks and insurance companies. Insurance companies are playing a key role in not just administering the MPF scheme, but also operating master trusts and directing funds to various external fund managers. The MPF scheme was the key growth driver for the segment during the review period.

Competition is nurtured by favorable regulatory environment

The Hong Kong life insurance segment is expected to remain competitive with the presence both domestic and foreign insurance companies. According to foreign direct investment (FDI) norms, any foreign company which meets the specified authorization requirements is permitted to apply for license to carry out insurance business in Hong Kong. In addition, companies are also able to establish subsidiaries in the country. The investor-friendly foreign FDI regulations have attracted a number of international companies to operate in the Hong Kong life insurance segment. To remain competitive, companies are pursuing various strategies including the introduction of new products and launching marketing campaigns and the optimization of distribution channels. Such initiatives are expected to further intensify the competition in the segment over the forecast period.

Bancassurance distribution channel deepens penetration rates

During the review period, bancassurance was the most popular distribution channel in Hong Kong, accounting for 46.4% of the new business written premium in 2011. While independent insurance companies entered into the bancassurance agreement with leading banks, many established their own subsidiaries to market insurance products through their own branch networks. Bancassurance is expected to remain the largest distribution channel over the forecast period and account for 53.4% share of the new business written premiums in 2016. With the expansion of bancassurance, life insurance companies are expected to enhance their presence in the country over the forecast period.


Timetric

Timetric is an independent economic and business research firm providing critical intelligence on emerging economies and key global industries. It provides detailed economic and sector intelligence, business insights and independent authoritative commentary. Each year Timetric produces hundreds of high-quality research reports across numerous countries, industries and companies. These reports draw on in-depth primary and secondary research, proprietary data, and high-quality modelling and analysis to give deep insight into global market dynamics and economic trends.

Table of Contents

1 Executive Summary

2 Introduction

2.1 What is this Report About?

2.2 Definitions

2.3 Methodology

3 Hong Kong Insurance Industry Attractiveness

3.1 Insurance Industry Segment Size, 2007—2016

3.2 Key Industry Trends and Drivers

3.2.1 Business drivers

3.2.2 Consumer drivers

3.3 Recent Market Developments

4 Life Insurance Segment Outlook

4.1 Life Insurance Growth Prospects by Category

4.1.1 Individual life insurance category

4.1.2 Individual general annuity category

4.1.3 Individual endowment category

4.1.4 Individual unit-linked insurance sub-category

4.1.5 Individual term life insurance category

4.1.6 Individual others category

4.1.7 Group-life insurance category

4.1.8 Group superannuation category

4.2 Life Insurance Growth Prospects by Customer Segments

4.2.1 Individual single premium category

4.2.2 Individual non-single premium category

4.2.3 Group single premium category

4.2.4 Group non-single premium category

5 Analysis by Distribution Channel

5.1 Direct marketing Channel

5.2 Bancassurance Channel

5.3 Agencies Channel

5.4 E-Commerce Channel

5.5 Brokers Channel

5.6 Other Channels

6 Regulatory Policies

7 Porter’s Five Forces Analysis — Hong Kong Life insurance

7.1 Bargaining Power of Supplier: Low to Medium

7.2 Bargaining Power of Buyer: Medium to High

7.3 Barriers to Entry: Medium to High

7.4 Intensity of Rivalry: High

7.5 Threat of Substitutes: Low to Medium

8 Reinsurance Growth Dynamics and Challenges

8.1 Reinsurance segment size, 2007—2016

8.2 Reinsurance segment size by type of insurance, 2007—2016

9 Competitive Landscape and Strategic Insights

9.1 Overview

9.2 Leading Companies in the Hong Kong Life Insurance Market

9.3 Comparison of Top-Five Insurers

9.3.1 Gross written premium

9.4 HSBC Insurance (Asia) Ltd. — Company Overview

9.4.1 HSBC Insurance (Asia) Ltd. — key facts

9.5 American International Assurance Company (Bermuda) Limited — Company Overview

9.5.1 American International Assurance Company (Bermuda) Limited — key facts

9.6 Prudential Corporation Asia Limited — Company Overview

9.6.1 Prudential Corporation Asia Limited — key facts

9.7 Manulife (International) Limited — Company Overview

9.7.1 Manulife (International) Limited — key facts

9.8 AXA (Hong Kong) Life Insurance Co., Ltd. — Company Overview

9.8.1 AXA (Hong Kong) Life Insurance Co., Ltd. — key facts

9.9 BOC Group-life Assurance Company Limited — Company Overview

9.9.1 BOC Group-life Assurance Company Limited — key facts

9.1 Hang Seng Life Ltd. — Company Overview

9.10.1 Hang Seng Life Ltd. — key facts

9.11 China Life Insurance Company Limited — Company Overview

9.11.1 China Life Insurance Company Limited — key facts

9.12 ING Life Insurance Company (Bermuda) Limited — Company Overview

9.12.1 ING Life Insurance Company (Bermuda) Limited — key facts

9.13 Sun Life Hong Kong Limited — Company Overview

9.13.1 Sun Life Hong Kong Limited — key facts

10 Business Environment and Country Risk

10.1 Business Confidence

10.1.1 Market capitalization trend — Hong Kong Stock Exchange, Hong Kong

10.2 Economic Performance

10.2.1 GDP at constant prices (US dollar)

10.2.2 GDP per capita at constant prices (US dollar)

10.2.3 GDP at current prices (US dollar)

10.2.4 GDP per capita at current prices (US dollar)

10.2.5 GDP by key segments

10.2.6 Agricultural net output at current prices (HKD)

10.2.7 Agricultural net output at current prices (US dollar)

10.2.8 Agricultural net output at current prices as a percentage of GDP

10.2.9 Manufacturing net output at current prices (HKD)

10.2.10 Manufacturing net output at current prices (US dollar)

10.2.11 Manufacturing net output at current prices as a percentage of GDP

10.2.12 Mining, manufacturing and utilities net output at current prices (HKD)

10.2.13 Mining, manufacturing and utilities at current prices (US dollar)

10.2.14 Mining, manufacturing and utilities at current prices, as percentage of GDP

10.2.15 Construction net output at current prices (HKD)

10.2.16 Construction net output at current prices, (US dollar)

10.2.17 Construction net output at current prices as a percentage of GDP

10.2.18 Inflation rate

10.2.19 Current account balance as a percentage of GDP

10.2.20 Exports as a percentage of GDP

10.2.21 Imports as a percentage of GDP

10.2.22 Exports growth

10.2.23 Imports growth

10.2.24 Annual average exchange rate US$—HKD

10.2.25 End-of-period exchange rate US$—HKD

10.3 Infrastructure Quality and Availability

10.3.1 Total airports and sea ports

10.3.2 Railways and roadways

10.3.3 Automotive component exports trend

10.3.4 Automotive component imports trend

10.3.5 Passenger car penetration

10.3.6 Healthcare expenditure

10.3.7 Healthcare expenditure as a percentage of GDP

10.3.8 Healthcare expenditure per capita

10.3.9 Total internet subscribers

10.4 Labor Force

10.4.1 Labor force

10.4.2 Unemployment rate

10.5 Demographics

10.5.1 Annual disposable income

10.5.2 Annual per capita disposable income

10.5.3 Total population

10.5.4 Urban and rural population

10.5.5 Females as a percentage of the total population

10.5.6 Males as a percentage of the total population

10.5.7 Mean age of population

10.5.8 Median age of population

10.5.9 Population density

10.5.10 Age distribution of the total population

10.5.11 Age distribution of the male population

10.5.12 Age distribution of the female population

10.5.13 Number of households

10.6 Political and Social Risk

10.6.1 Political stability

10.6.2 Terrorism index

10.6.3 Transparency index

11 Appendix

11.1 Methodology

11.2 Contact Us

11.3 About Timetric

11.4 Disclaimer



List of Tables

Table 1: Insurance Industry Definitions

Table 2: Hong Kong Insurance Overall Written Premium by Segment (HKD Billion), 2007—2011

Table 3: Hong Kong Insurance Overall Written Premium by Segment (US$ Billion), 2007—2011

Table 4: Hong Kong Insurance Overall Written Premium by Segment (HKD Billion), 2011—2016

Table 5: Hong Kong Insurance Overall Written Premium by Segment (US$ Billion), 2011—2016

Table 6: Hong Kong Insurance Segmentation (% Share), 2007—2016

Table 7: Hong Kong Life Insurance Written Premium by Category (HKD Billion), 2007—2011

Table 8: Hong Kong Life Insurance Written Premium by Category (US$ Billion), 2007—2011

Table 9: Hong Kong Life Insurance Written Premium by Category (HKD Billion), 2011—2016

Table 10: Hong Kong Life Insurance Written Premium by Category (US$ Billion), 2011—2016

Table 11: Hong Kong Life Insurance — Earned Premium (HKD Billion), 2007—2011

Table 12: Hong Kong Life Insurance — Earned Premium (HKD Billion), 2011—2016

Table 13: Hong Kong Life Insurance — Sum Assured (HKD Trillion), 2007—2011

Table 14: Hong Kong Life Insurance — Sum Assured (HKD Trillion), 2011—2016

Table 15: Hong Kong Life Insurance — Paid Claims (HKD Billion), 2007—2011

Table 16: Hong Kong Life Insurance — Paid Claims (HKD Billion), 2011—2016

Table 17: Hong Kong Life Insurance — Incurred Loss (HKD Billion), 2007—2011

Table 18: Hong Kong Life Insurance — Incurred Loss (HKD Billion), 2011—2016

Table 19: Hong Kong Life Insurance — Loss Ratio (%), 2007—2011

Table 20: Hong Kong Life Insurance — Loss Ratio (%), 2011—2016

Table 21: Hong Kong Life Insurance — Commissions and Expenses (HKD Billion), 2007—2011

Table 22: Hong Kong Life Insurance — Commissions and Expenses (HKD Billion), 2011—2016

Table 23: Hong Kong Life Insurance — Combined Ratio (%), 2007—2011

Table 24: Hong Kong Life Insurance — Combined Ratio (%), 2011—2016

Table 25: Hong Kong Life Insurance — Frauds and Crimes (HKD Billion), 2007—2011

Table 26: Hong Kong Life Insurance — Frauds and Crimes (HKD Billion), 2011—2016

Table 27: Hong Kong Life Insurance — Total Assets (HKD Billion), 2007—2011

Table 28: Hong Kong Life Insurance — Total Assets (HKD Billion), 2011—2016

Table 29: Hong Kong Life Insurance — Total Investment Income (HKD Billion), 2007—2011

Table 30: Hong Kong Life Insurance — Total Investment Income (HKD Billion), 2011—2016

Table 31: Hong Kong Life Insurance — Retentions (HKD Billion), 2007—2011

Table 32: Hong Kong Life Insurance — Retentions (HKD Billion), 2011—2016

Table 33: Hong Kong Individual Life Insurance Category — Number of Active Policies (Thousand), 2007—2011

Table 34: Hong Kong Individual Life Insurance Category — Number of Active Policies, 2011—2016

Table 35: Hong Kong Individual Life Insurance Category — Written Premium (HKD Billion), 2007—2011

Table 36: Hong Kong Individual Life Insurance Category — Written Premium (HKD Billion), 2011—2016

Table 37: Hong Kong Individual General Annuity Category — Number of Active Policies (Thousand), 2007—2011

Table 38: Hong Kong Individual General Annuity Category — Number of Active Policies (Thousand), 2011—2016

Table 39: Hong Kong Individual General Annuity Category — Written Premium (HKD Billion), 2007—2011

Table 40: Hong Kong Individual General Annuity Category — Written Premium (HKD Billion), 2011—2016

Table 41: Hong Kong Individual Endowment Category — Number of Active Policies (Thousand), 2007—2011

Table 42: Hong Kong Individual Endowment Category — Number of Active Policies (Thousand), 2011—2016

Table 43: Hong Kong Individual Endowment Category — Written Premium (HKD Billion), 2007—2011

Table 44: Hong Kong Individual Endowment Category — Written Premium (HKD Billion), 2011—2016

Table 45: Hong Kong Individual Unit-Linked Insurance Sub-Category — Number of Active Policies (Thousand), 2007—2011

Table 46: Hong Kong Individual Unit-linked Insurance Sub-Category — Number of Active Policies (Thousand), 2011—2016

Table 47: Hong Kong Individual Unit-Linked Insurance Sub-Category — Written Premium (HKD Billion), 2007—2011

Table 48: Hong Kong Individual Unit-Linked Insurance Sub-Category — Written Premium (HKD Billion), 2011—2016

Table 49: Hong Kong Individual Term Life Insurance Category — Number of Active Policies (Thousand), 2007—2011

Table 50: Hong Kong Individual Term Life Insurance Category — Number of Active Policies (Thousand), 2011—2016

Table 51: Hong Kong Individual Term Life Insurance Category — Written Premium (HKD Billion), 2007—2011

Table 52: Hong Kong Individual Term Life Insurance Category — Written Premium (HKD Billion), 2011—2016

Table 53: Hong Kong Individual Others Category — Number of Active Policies (Thousand), 2007—2011

Table 54: Hong Kong Individual Others Category — Number of Active Policies (Thousand), 2011—2016

Table 55: Hong Kong Individual Others Category — Written Premium (HKD Billion), 2007—2011

Table 56: Hong Kong Individual Others Category — Written Premium (HKD Billion), 2011—2016

Table 57: Hong Kong Group-life Insurance Category — Number of Active Policies (Thousand), 2007—2011

Table 58: Hong Kong Group-Life Insurance Category — Number of Active Policies (Thousand), 2011—2016

Table 59: Hong Kong Group-Life Insurance Category — Written Premium (HKD Billion), 2007—2011

Table 60: Hong Kong Group-Life Insurance Category — Written Premium (HKD Billion), 2011—2016

Table 61: Hong Kong Group Superannuation Category — Number of Active Policies (Thousand), 2007—2011

Table 62: Hong Kong Group Superannuation — Number of Active Policies (Thousand), 2011—2016

Table 63: Hong Kong Group Superannuation Category — Written Premium (HKD Billion), 2007—2011

Table 64: Hong Kong Group Superannuation Category — Written Premium (HKD Billion), 2011—2016

Table 65: Hong Kong Individual Single Premium Category — Number of Active Policies (Thousand), 2007—2011

Table 66: Hong Kong Individual Single Premium Category — Number of Active Policies (Thousand), 2011—2016

Table 67: Hong Kong Individual Single Premium Category — Written Premium (HKD Billion), 2007—2011

Table 68: Hong Kong Individual Single Premium Category — Written Premium (HKD Billion), 2011—2016

Table 69: Hong Kong Individual Non-Single Premium Category — Number of Active Policies (Thousand), 2007—2011

Table 70: Hong Kong Individual Non-Single Premium Category — Number of Active Policies (Thousand), 2011—2016

Table 71: Hong Kong Individual Non-Single Premium Category — Written Premium (HKD Billion), 2007—2011

Table 72: Hong Kong Individual Non-Single Premium Category — Written Premium (HKD Billion), 2011—2016

Table 73: Hong Kong Group Single Premium Category — Number of Active Policies (Thousand), 2007—2011

Table 74: Hong Kong Group Single Premium Category — Number of Active Policies (Thousand), 2011—2016

Table 75: Hong Kong Group Single Premium Category — Written Premium (HKD Billion), 2007—2011

Table 76: Hong Kong Group Single Premium Category — Written Premium (HKD Billion), 2011—2016

Table 77: Hong Kong Group Non-Single Premium Category — Number of Active Policies (Thousand), 2007—2011

Table 78: Hong Kong Group Non-Single Premium Category — Number of Active Policies (Thousand), 2011—2016

Table 79: Hong Kong Group Non-Single Premium Category — Written Premium (HKD Billion), 2007—2011

Table 80: Hong Kong Group Non-Single Premium Category — Written Premium (HKD Billion), 2011—2016

Table 81: Hong Kong Life Insurance — Direct Marketing Commission Paid (HKD Billion), 2007—2011

Table 82: Hong Kong Life Insurance — Direct Marketing Commission Paid (HKD Billion), 2011—2016

Table 83: Hong Kong Life Insurance — New Business Written Premium Through Direct Marketing (HKD Billion), 2007—2011

Table 84: Hong Kong Life Insurance — New Business Written Premium Through Direct Marketing (HKD Billion), 2011—2016

Table 85: Hong Kong Life Insurance — New Policies Sold Through Direct Marketing (Thousand), 2007—2011

Table 86: Hong Kong Life Insurance — New Policies Sold Through Direct Marketing (Thousand), 2011—2016

Table 87: Hong Kong Life Insurance — Number of Direct Marketing Distributors, 2007—2011

Table 88: Hong Kong Life Insurance — Number of Direct Marketing Distributors, 2011—2016

Table 89: Hong Kong Life Insurance — Bancassurance Commission Paid (HKD Billion), 2007—2011

Table 90: Hong Kong Life Insurance — Bancassurance Commission Paid (HKD Billion), 2011—2016

Table 91: Hong Kong Life Insurance — New Business Written Premium Through Bancassurance (HKD Billion), 2007—2011

Table 92: Hong Kong Life Insurance — New Business Written Premium Through Bancassurance (HKD Billion), 2011—2016

Table 93: Hong Kong Life Insurance — New Policies Sold Through Bancassurance (Thousand), 2007—2011

Table 94: Hong Kong Life Insurance — New Policies Sold Through Bancassurance (Thousand), 2011—2016

Table 95: Hong Kong Life Insurance — Number of Bancassurance Distributors, 2007—2011

Table 96: Hong Kong Life Insurance — Number of Bancassurance Distributors, 2011—2016

Table 97: Hong Kong Life Insurance — Commission Paid to Agencies (HKD Billion), 2007—2011

Table 98: Hong Kong Life Insurance — Commission Paid to Agencies (HKD Billion), 2011—2016

Table 99: Hong Kong Life Insurance — New Business Written Premium Through Agencies (HKD Billion), 2007—2011

Table 100: Hong Kong Life Insurance — New Business Written Premium Through Agencies (HKD Billion), 2011—2016

Table 101: Hong Kong Life Insurance — New Policies Sold Through Agencies (Thousand), 2007—2011

Table 102: Hong Kong Life Insurance — New Policies Sold Through Agencies (Thousand), 2011—2016

Table 103: Hong Kong Life Insurance — Number of Agencies, 2007—2011

Table 104: Hong Kong Life Insurance — Number of Agencies, 2011—2016

Table 105: Hong Kong Life Insurance — E-Commerce Commission Paid (HKD Billion), 2007—2011

Table 106: Hong Kong Life Insurance — E-Commerce Commission Paid (HKD Billion), 2011—2016

Table 107: Hong Kong Life Insurance — New Business Written Premium Through E-Commerce (HKD Billion), 2007—2011

Table 108: Hong Kong Life Insurance — New Business Written Premium Through E-Commerce (HKD Billion), 2011—2016

Table 109: Hong Kong Life Insurance — New Policies Sold Through E-Commerce (Thousand), 2007—2011

Table 110: Hong Kong Life Insurance — New Policies Sold Through E-Commerce (Thousand), 2011—2016

Table 111: Hong Kong Life Insurance — Number of E-Commerce Distributors, 2007—2011

Table 112: Hong Kong Life Insurance — Number of E-Commerce Distributors, 2011—2016

Table 113: Hong Kong Life Insurance — Commission Paid to Brokers (HKD Billion), 2007—2011

Table 114: Hong Kong Life Insurance — Commission Paid to Brokers (HKD Billion), 2011—2016

Table 115: Hong Kong Life Insurance — New Business Written Premium Through Brokers (HKD Billion), 2007—2011

Table 116: Hong Kong Life Insurance — New Business Written Premium Through Brokers (HKD Billion), 2011—2016

Table 117: Hong Kong Life Insurance — New Policies Sold Through Brokers (Thousand), 2007—2011

Table 118: Hong Kong Life Insurance — New Policies Sold Through Brokers (Thousand), 2011—2016

Table 119: Hong Kong Life Insurance — Number of Brokers, 2007—2011

Table 120: Hong Kong Life Insurance — Number of Brokers, 2011—2016

Table 121: Hong Kong Life Insurance — Commission Paid to Other Channels (HKD Billion), 2007—2011

Table 122: Hong Kong Life Insurance — Commission Paid to Other Channels (HKD Billion), 2011—2016

Table 123: Hong Kong Life Insurance — New Business Written Premium Through Other Channels (HKD Billion), 2007—2011

Table 124: Hong Kong Life Insurance — New Business Written Premium Through Other Channels (HKD Billion), 2011—2016

Table 125: Hong Kong Life Insurance — New Policies Sold Through Other Channels (Thousand), 2007—2011

Table 126: Hong Kong Life Insurance — New Policies Sold Through Other Channels (Thousand), 2011—2016

Table 127: Hong Kong Life Insurance — Number of Distributors in Other Channels, 2007—2011

Table 128: Hong Kong Life Insurance — Number of Distributors in Other Channels, 2011—2016

Table 129: Hong Kong Reinsurance Segment by Category (HKD Billion), 2007—2011

Table 130: Hong Kong Reinsurance Segment by Category (US$ Billion), 2007—2011

Table 131: Hong Kong Reinsurance Segment by Category (HKD Billion), 2011—2016

Table 132: Hong Kong Reinsurance Segment by Category (US$ Billion), 2011—2016

Table 133: Premium Ceded to Reinsurance by Type of Insurance (HKD Billion), 2007—2011

Table 134: Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2007—2011

Table 135: Premium Ceded to Reinsurance by Type of Insurance (HKD Billion), 2011—2016

Table 136: Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2011—2016

Table 137: Life Insurance — Percentage of Reinsurance Ceded (%), 2007—2011

Table 138: Life Insurance — Percentage of Reinsurance Ceded (%), 2011—2016

Table 139: Hong Kong Life Insurance Segment — Market Share (%), 2007—2011

Table 140: HSBC Insurance (Asia) Ltd., Key Facts

Table 141: American International Assurance Company (Bermuda) Limited, Key Facts

Table 142: Prudential Corporation Asia Limited, Key Facts

Table 143: Manulife (International) Limited, Key Facts

Table 144: AXA (Hong Kong) Life Insurance Co., Ltd., Key Facts

Table 145: BOC Group-life Assurance Company Limited, Key Facts

Table 146: Hang Seng Life Ltd., Key Facts

Table 147: China Life Insurance Company Limited, Key Facts

Table 148: ING Life Insurance Company (Bermuda) Limited, Key Facts

Table 149: Sun Life Hong Kong Limited, Key Facts



List of Figures

Figure 1: Hong Kong Insurance Overall Written Premium by Segment (HKD Billion), 2007—2016

Figure 2: Hong Kong Insurance Dynamics by Segment, 2007—2016

Figure 3: Hong Kong Life Insurance Written Premium by Category (HKD Billion), 2007—2016

Figure 4: Hong Kong Life Insurance Written Premium by Category (% Share), 2011 and 2016

Figure 5: Hong Kong Life Insurance Market Dynamics by Category (%), 2007—2016

Figure 6: Hong Kong Life Insurance — Earned Premium (HKD Billion), 2007—2011

Figure 7: Hong Kong Life Insurance — Earned Premium (HKD Billion), 2011—2016

Figure 8: Hong Kong Life Insurance — Sum Assured (HKD Trillion), 2007—2011

Figure 9: Hong Kong Life Insurance — Sum Assured (HKD Trillion), 2011—2016

Figure 10: Hong Kong Life Insurance — Paid Claims (HKD Billion), 2007—2011

Figure 11: Hong Kong Life Insurance — Paid Claims (HKD Billion), 2011—2016

Figure 12: Hong Kong Life Insurance — Incurred Loss (HKD Billion), 2007—2011

Figure 13: Hong Kong Life Insurance — Incurred Loss (HKD Billion), 2011—2016

Figure 14: Hong Kong Life Insurance — Loss Ratio (%), 2007—2011

Figure 15: Hong Kong Life Insurance — Loss Ratio (%), 2011—2016

Figure 16: Hong Kong Life Insurance — Commissions and Expenses (HKD Billion), 2007—2011

Figure 17: Hong Kong Life Insurance — Commissions and Expenses (HKD Billion), 2011—2016

Figure 18: Hong Kong Life Insurance — Combined Ratio (%), 2007—2011

Figure 19: Hong Kong Life Insurance — Combined Ratio (%), 2011—2016

Figure 20: Hong Kong Life Insurance — Frauds and Crimes (HKD Billion), 2007—2011

Figure 21: Hong Kong Life Insurance — Frauds and Crimes (HKD Billion), 2011—2016

Figure 22: Hong Kong Life Insurance — Total Assets (HKD Billion), 2007—2011

Figure 23: Hong Kong Life Insurance — Total Assets (HKD Billion), 2011—2016

Figure 24: Hong Kong Life Insurance — Total Investment Income (HKD Billion), 2007—2011

Figure 25: Hong Kong Life Insurance — Total Investment Income (HKD Billion), 2011—2016

Figure 26: Hong Kong Life Insurance — Retentions (HKD Billion), 2007—2011

Figure 27: Hong Kong Life Insurance — Retentions (HKD Billion), 2011—2016

Figure 28: Hong Kong Life Insurance — Investment Portfolio (HKD Billion), 2007—2011

Figure 29: Hong Kong Life Insurance — Investment Portfolio (% Share), 2007 and 2011

Figure 30: Hong Kong Life Insurance Penetration (% of GDP), 2007—2011

Figure 31: Hong Kong Life Insurance Density (Number of Policies Per Capita), 2007—2011

Figure 32: Hong Kong Life Insurance — Number of Active Policies (Thousand), 2007—2011

Figure 33: Hong Kong Life Insurance — Number of Active Policies (Thousand), 2011—2016

Figure 34: Hong Kong Life Insurance — Premium Per-capita (HKD), 2007—2011

Figure 35: Hong Kong Individual Life Insurance Category — Number of Active Policies (Thousand), 2007—2011

Figure 36: Hong Kong Individual Life Insurance Category — Number of Active Policies (Thousand), 2011—2016

Figure 37: Hong Kong Individual Life Insurance Category — Written Premium (HKD Billion), 2007—2011

Figure 38: Hong Kong Individual Life Insurance Category — Written Premium (HKD Billion), 2011—2016

Figure 39: Hong Kong Individual General Annuity Category — Number of Active Policies (Thousand), 2007—2011

Figure 40: Hong Kong Individual General Annuity Category — Number of Active Policies (Thousand), 2011—2016

Figure 41: Hong Kong Individual General Annuity Category — Written Premium (HKD Billion), 2007—2011

Figure 42: Hong Kong Individual General Annuity Category — Written Premium (HKD Billion), 2011—2016

Figure 43: Hong Kong Individual Endowment Category — Number of Active Policies (Thousand), 2007—2011

Figure 44: Hong Kong Individual Endowment Category — Number of Active Policies (Thousand), 2011—2016

Figure 45: Hong Kong Individual Endowment Category — Written Premium (HKD Billion), 2007—2011

Figure 46: Hong Kong Individual Endowment Category — Written Premium (HKD Billion), 2011—2016

Figure 47: Hong Kong Individual Unit-Linked Insurance Sub-Category — Number of Active Policies (Thousand), 2007—2011

Figure 48: Hong Kong Individual Unit-Linked Insurance Sub-Category — Number of Active Policies (Thousand), 2011—2016

Figure 49: Hong Kong Individual Unit-Linked Insurance Sub-Category — Written Premium (HKD Billion), 2007—2011

Figure 50: Hong Kong Individual Unit-Linked Insurance Sub-Category — Written Premium (HKD Billion), 2011—2016

Figure 51: Hong Kong Individual Term Life Insurance Category — Number of Active Policies (Thousand), 2007—2011

Figure 52: Hong Kong Individual Term Life Insurance Category — Number of Active Policies (Thousand), 2011—2016

Figure 53: Hong Kong Individual Term Life Insurance Category — Written Premium (HKD Billion), 2007—2011

Figure 54: Hong Kong Individual Term Life Insurance Category — Written Premium (HKD Billion), 2011—2016

Figure 55: Hong Kong Individual Others Category — Number of Active Policies (Thousand), 2007—2011

Figure 56: Hong Kong Individual Others Category — Number of Active Policies (Thousand), 2011—2016

Figure 57: Hong Kong Individual Others Category — Written Premium (HKD Billion), 2007—2011

Figure 58: Hong Kong Individual Others Category — Written Premium (HKD Billion), 2011—2016

Figure 59: Hong Kong Group-life Insurance Category — Number of Active Policies (Thousand), 2007—2011

Figure 60: Hong Kong Group-Life Insurance Category — Number of Active Policies (Thousand), 2011—2016

Figure 61: Hong Kong Group-Life Insurance Category — Written Premium (HKD Billion), 2007—2011

Figure 62: Hong Kong Group-Life Insurance Category — Written Premium (HKD Billion), 2011—2016

Figure 63: Hong Kong Group Superannuation Category — Number of Active Policies (Thousand), 2007—2011

Figure 64: Hong Kong Group Superannuation Category — Number of Active Policies (Thousand), 2011—2016

Figure 65: Hong Kong Group Superannuation Category — Written Premium (HKD Billion), 2007—2011

Figure 66: Hong Kong Group Superannuation Category — Written Premium (HKD Billion), 2011—2016

Figure 67: Hong Kong Individual Single Premium Category — Number of Active Policies (Thousand), 2007—2011

Figure 68: Hong Kong Individual Single Premium Category — Number of Active Policies (Thousand), 2011—2016

Figure 69: Hong Kong Individual Single Premium Category — Written Premium (HKD Billion), 2007—2011

Figure 70: Hong Kong Individual Single Premium Category — Written Premium (HKD Billion), 2011—2016

Figure 71: Hong Kong Individual Non-Single Premium Category — Number of Active Policies (Thousand), 2007—2011

Figure 72: Hong Kong Individual Non-Single Premium Category — Number of Active Policies (Thousand), 2011—2016

Figure 73: Hong Kong Individual Non-Single Premium Category — Written Premium (HKD Billion), 2007—2011

Figure 74: Hong Kong Individual Non-Single Premium Category — Written Premium (HKD Billion), 2011—2016

Figure 75: Hong Kong Group Single Premium Category — Number of Active Policies (Thousand), 2007—2011

Figure 76: Hong Kong Group Single Premium Category — Number of Active Policies (Thousand), 2011—2016

Figure 77: Hong Kong Group Single Premium Category — Written Premium (HKD Billion), 2007—2011

Figure 78: Hong Kong Group Single Premium Category — Written Premium (HKD Billion), 2011—2016

Figure 79: Hong Kong Group Non-Single Premium Category — Number of Active Policies (Thousand), 2007—2011

Figure 80: Hong Kong Group Non-Single Premium Category — Number of Active Policies (Thousand), 2011—2016

Figure 81: Hong Kong Group Non-Single Premium Category — Written Premium (HKD Billion), 2007—2011

Figure 82: Hong Kong Group Non-Single Premium Category — Written Premium (HKD Billion), 2011—2016

Figure 83: Hong Kong Life Insurance New Business Written Premium by Distribution Channel (% Share), 2011 and 2016

Figure 84: Hong Kong Life Insurance — Direct Marketing Commission Paid (HKD Billion), 2007—2011

Figure 85: Hong Kong Life Insurance — Direct Marketing Commission Paid (HKD Billion), 2011—2016

Figure 86: Hong Kong Life Insurance — New Business Written Premium Through Direct Marketing (HKD Billion), 2007—2011

Figure 87: Hong Kong Life Insurance — New Business Written Premium Through Direct Marketing (HKD Billion), 2011—2016

Figure 88: Hong Kong Life Insurance — New Policies Sold Through Direct Marketing (Thousand), 2007—2011

Figure 89: Hong Kong Life Insurance — New Policies Sold Through Direct Marketing (Thousand), 2011—2016

Figure 90: Hong Kong Life Insurance — Number of Direct Marketing Distributors, 2007—2011

Figure 91: Hong Kong Life Insurance — Number of Direct Marketing Distributors, 2011—2016

Figure 92: Hong Kong Life Insurance — Bancassurance Commission Paid (HKD Billion), 2007—2011

Figure 93: Hong Kong Life Insurance — Bancassurance Commission Paid (HKD Billion), 2011—2016

Figure 94: Hong Kong Life Insurance — New Business Written Premium Through Bancassurance (HKD Billion), 2007—2011

Figure 95: Hong Kong Life Insurance — New Business Written Premium Through Bancassurance (HKD Billion), 2011—2016

Figure 96: Hong Kong Life Insurance — New Policies Sold Through Bancassurance (Thousand), 2007—2011

Figure 97: Hong Kong Life Insurance — New Policies Sold Through Bancassurance (Thousand), 2011—2016

Figure 98: Hong Kong Life Insurance — Number of Bancassurance Distributors, 2007—2011

Figure 99: Hong Kong Life Insurance — Number of Bancassurance Distributors, 2011—2016

Figure 100: Hong Kong Life Insurance — Commission Paid to Agencies (HKD Billion), 2007—2011

Figure 101: Hong Kong Life Insurance — Commission Paid to Agencies (HKD Billion), 2011—2016

Figure 102: Hong Kong Life Insurance — New Business Written Premium Through Agencies (HKD Billion), 2007—2011

Figure 103: Hong Kong Life Insurance — New Business Written Premium Through Agencies (HKD Billion), 2011—2016

Figure 104: Hong Kong Life Insurance — New Policies Sold Through Agencies (Thousand), 2007—2011

Figure 105: Hong Kong Life Insurance — New Policies Sold Through Agencies (Thousand), 2011—2016

Figure 106: Hong Kong Life Insurance — Number of Agencies, 2007—2011

Figure 107: Hong Kong Life Insurance — Number of Agencies, 2011—2016

Figure 108: Hong Kong Life Insurance — E-Commerce Commission Paid (HKD Billion), 2007—2011

Figure 109: Hong Kong Life Insurance — E-Commerce Commission Paid (HKD Billion), 2011—2016

Figure 110: Hong Kong Life Insurance — New Business Written Premium Through E-Commerce (HKD Billion), 2007—2011

Figure 111: Hong Kong Life Insurance — New Business Written Premium Through E-Commerce (HKD Billion), 2011—2016

Figure 112: Hong Kong Life Insurance — New Policies Sold Through E-Commerce (Thousand), 2007—2011

Figure 113: Hong Kong Life Insurance — New Policies Sold Through E-Commerce (Thousand), 2011—2016

Figure 114: Hong Kong Life Insurance — Number of E-Commerce Distributors, 2007—2011

Figure 115: Hong Kong Life Insurance — Number of E-Commerce Distributors, 2011—2016

Figure 116: Hong Kong Life Insurance — Commission Paid to Brokers (HKD Billion), 2007—2011

Figure 117: Hong Kong Life Insurance — Commission Paid to Brokers (HKD Billion), 2011—2016

Figure 118: Hong Kong Life Insurance — New Business Written Premium Through Brokers (HKD Billion), 2007—2011

Figure 119: Hong Kong Life Insurance — New Business Written Premium Through Brokers (HKD Billion), 2011—2016

Figure 120: Hong Kong Life Insurance — New Policies Sold Through Brokers (Thousand), 2007—2011

Figure 121: Hong Kong Life Insurance — New Policies Sold Through Brokers (Thousand), 2011—2016

Figure 122: Hong Kong Life Insurance — Number of Brokers, 2007—2011

Figure 123: Hong Kong Life Insurance — Number of Brokers, 2011—2016

Figure 124: Hong Kong Life Insurance — Commission Paid to Other Channels (HKD Billion), 2007—2011

Figure 125: Hong Kong Life Insurance — Commission Paid to Other Channels (HKD Billion), 2011—2016

Figure 126: Hong Kong Life Insurance — New Business Written Premium Through Other Channels (HKD Billion), 2007—2011

Figure 127: Hong Kong Life Insurance — New Business Written Premium Through Other Channels (HKD Billion), 2011—2016

Figure 128: Hong Kong Life Insurance — New Policies Sold Through Other Channels (Thousand), 2007—2011

Figure 129: Hong Kong Life Insurance — New Policies Sold Through Other Channels (Thousand), 2011—2016

Figure 130: Hong Kong Life Insurance — Number of Distributors in Other Channels, 2007—2011

Figure 131: Hong Kong Life Insurance — Number of Distributors in Other Channels, 2011—2016

Figure 132: Hong Kong Life Insurance Segment — Five Forces Analysis

Figure 133: Premium Ceded to Reinsurance by Category (HKD Billion), 2007—2016

Figure 134: Premium Ceded to Reinsurance by Category (% Share), 2011 and 2016

Figure 135: Reinsurance Segment Dynamics by Category, 2007—2016

Figure 136: Premium Ceded to Reinsurance by Type of Insurance (HKD Billion), 2007—2016

Figure 137: Reinsurance Segment Dynamics by Type of Insurance, 2007—2016

Figure 138: Life Insurance — Percentage of Reinsurance Ceded (%), 2007—2011

Figure 139: Life Insurance — Percentage of Reinsurance Ceded (%), 2011—2016

Figure 140: Hong Kong Life Insurance Segment — Market Share (%) 2007 and 2011

Figure 141: Hong Kong, Top-Five Life Insurers — Gross Written Premium (HKD Billion), 2011

Figure 142: Hong Kong Stock Exchange Market Capitalization (US$ Billion), 2007—2011

Figure 143: Hong Kong GDP at Constant Prices (US$ Billion), 2007—2011

Figure 144: Hong Kong GDP Per Capita at Constant Prices (US$), 2007—2011

Figure 145: Hong Kong GDP at Current Prices (US$ Billion), 2007—2011

Figure 146: Hong Kong GDP Per Capita at Current Prices (US$), 2007—2011

Figure 147: Hong Kong GDP by Key Segments (%) 2009 and 2011

Figure 148: Hong Kong Agricultural Net Output at Current Prices (HKD Billion), 2007—2011

Figure 149: Hong Kong Agricultural Net Output at Current Prices (US$ Billion), 2007—2011

Figure 150: Hong Kong Agricultural Net Output at Current Prices as a Percentage of GDP (%), 2007—2011

Figure 151: Hong Kong Manufacturing Net Output at Current Prices (HKD Billion)

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