Hong Kong General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Hong Kong General Insurance Market Overview
The gross written premium of the Hong Kong general insurance market was HKD63.5 billion ($8.1 million) in 2022 and is expected to achieve a CAGR of more than 6% during 2024-2028. The Hong Kong general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Hong Kong General Insurance Market Outlook, 2022-2028 (HKD Billion)
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The Hong Kong General Insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Hong Kong’s economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | HKD63.5 billion ($8.1 million) |
CAGR (2024-2028) | >6% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · Property
· Motor · Liability · Financial Lines · General Insurance PA & H · MAT |
Key Distribution Channels | · Direct from insurer
· Financial advisor · Online aggregator · Insurance broker · Bank
|
Leading Companies | · AXA
· Bupa · China Taiping · Zurich · HKMCI · AIG Insurance · Asia Insurance · Assicurazioni Generali · AIA International · Bank of China |
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Hong Kong General Insurance Market Trends
ESG, mental health, insurtech developments, and EVs are a few of the recurring trends in the Hong Kong general insurance market.
ESG has been a major theme for all large insurers and will be a central part of any leading business strategy over the coming years. For instance, in August 2023, Sun Life launched Stellar Multi-Currency Plan, a new savings product with an emphasis on ESG investing. With its customizable policy options and multi-currency features, this legacy planning solution helps clients better prepare for life’s unforeseen turns and create a brighter future for themselves and their families.
Hong Kong General Insurance Market Segmentation by Lines of Business
PA&H Insurance was the leading general insurance line of business in 2023
The key lines of business in the Hong Kong general insurance industry are property, motor, liability, financial lines, MAT, and General Insurance PA&H. The PA&H insurance made strong progress during the COVID-19 outbreak, which increased awareness of the value of such policies. This trend is expected to continue over the forecast period.
Hong Kong General Insurance Market Analysis by Lines of Business, 2023 (%)
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Hong Kong General Insurance Market Segmentation by Distribution Channels
Bank was the leading distribution channel in 2023 Q2
A few of the key distribution channels in the Hong Kong general insurance industry are direct from insurer, financial advisor, online aggregator, insurance broker, and bank. Bank was the most preferred homeowners’ insurance channel in 2023 Q2 in Hong Kong (China SAR), with a significant preference rate.
Hong Kong General Insurance Market Analysis by Distribution Channels, 2023 (%)
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Hong Kong General Insurance Market - Competitive Landscape
AXA was the largest general insurer in 2022
A few of the leading general insurance companies in Hong Kong are:
- AXA
- Bupa
- China Taiping
- Zurich
- HKMCI
- AIG Insurance
- Asia Insurance
- Assicurazioni Generali
- AIA International
- Bank of China
In November 2023, AXA and UMP Healthcare entered into a strategic alliance to provide clients with exceptional cross-border medical and healthcare services and experiences in one convenient location.
Hong Kong General Insurance Market Analysis by Companies, 2022 (%)
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Hong Kong General Insurance Market – Recent Deals
A few of the recent developments in the Hong Kong general insurance market are:
- Sun Life partnered with Dah Sing Bank to provide bancassurance services through the bank’s 40+ branches in Hong Kong.
- The financial broker Cash Financial was acquired by Celestial Securities; a financial service provider in Hong Kong.
Segments Covered in the Report
Hong Kong General Insurance Lines of Business Outlook (Value, HKD Billion, 2019-2028)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- General Insurance PA&H
Hong Kong General Insurance Distribution Channels Outlook (Value, HKD Billion, 2019-2028)
- Direct from insurer
- Financial advisor
- Online aggregator
- Insurance broker
- Bank
Scope
This report provides a comprehensive analysis of the general insurance segment in Hong Kong –
- It provides historical values for Hong Kong’s general insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
- It profiles the top general insurance companies in Hong Kong and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of Hong Kong’s general insurance segment.
• A comprehensive overview of Hong Kong’s economy, government initiatives, and investment opportunities.
• Hong Kong’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• Hong Kong’s general insurance industry’s market structure giving details of lines of business.
• Hong Kong’s general reinsurance business’ market structure giving details of premium ceded along with cession rates.
• Distribution channels deployed by the Hong Kong’s general insurers.
• Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to Hong Kong’s general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Hong Kong’s general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Bupa
HKMCI
China Taiping
Zurich
AIG
Asia Insurance
XL Insurance
Table of Contents
Frequently asked questions
-
What was the Hong Kong general insurance market gross written premium in 2022?
The gross written premium of the Hong Kong general insurance market was HKD63.5 billion ($8.1 million) in 2022.
-
What will the Hong Kong general insurance market growth rate be during the forecast period?
The general insurance market in Hong Kong is expected to achieve a CAGR of more than 6% during 2024-2028.
-
Which line of business held the largest share of the Hong Kong general insurance market in 2023?
PA&H insurance held the largest share of the Hong Kong general insurance market in 2023.
-
Which distribution channel held the highest share of the Hong Kong general insurance market in 2023?
Bank was the leading distribution channel for the Hong Kong general insurance market in 2023.
-
Which are the key companies operating in the Hong Kong general insurance market?
A few of the leading general insurance companies in Hong Kong are AXA, Bupa, China Taiping, Zurich, and HKMCI.
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