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Hong Kong Life Insurance – Key Trends and Opportunities to 2025

The gross written premium of Hong Kong life insurance market was valued at $72.9 billion in 2021. The market is expected to grow at a CAGR of more than 6% during the forecast period. Hong Kong’s life insurance segment is the most mature global market. The government is actively involved in the development of green finance and supports green and sustainable economic growth. Annuity was the fastest growing product category during the review period. Higher life expectancy and an increase in the number of the centenarian population promoted the development of and demand for long-term annuities in Hong Kong.

The Hong Kong life insurance market report provides a detailed outlook by product category for the Hong Kong life insurance segment. It provides values for key performance indicators such as gross written premium, penetration, and premium accepted and cession rates during the review period and forecast period. Moreover, the report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Hong Kong’s economy and demographics, and provides detailed information on the competitive landscape in the country.

Overview of the Hong Kong life insurance market

Overview of the Hong Kong life insurance market

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What are the key life insurance market trends in Hong Kong?

Personalized insurance solutions are gaining traction in Hong Kong. Data collection and analysis of trends through insurtech, like big data, blockchain, AI and IOT, has allowed insurers to develop personalized insurance solution for optimal experience. Developments in open banking and finance, along with API, has also enabled better integration of data flow between banks and insurance. To support growth of green bonds in the country, the Hong Kong Monetary Authority (HKMA) launched green bond tokenization and will undertake a study to reflect the feasibility of the issuance of tokenized green bonds.

What are the key lines of business segments in the Hong Kong life insurance market?

The key lines of business in the life insurance market in Hong Kong are life insurance, whole life insurance, general annuity, endowment, term life insurance, pension, and other life insurance. The life insurance segment had the highest share of direct written premium (DWP) in the Hong Kong life insurance market followed by whole life insurance and endowment in 2020. Term life insurance had the smallest share in the market.

The demand for whole life insurance stabilized in 2021 with the uplifting of travel restrictions. Key endowment products available in the Hong Kong life insurance market include high assurance insurance policies, indemnity for own accident policies, and fixed 105% which offers a death benefit of 105% of the account value. The IA is expected to initiate an Insurance Connect project with Mainland China, which will push the growth of the pension insurance products, whose demand could increase due to the aging mainland population.

In Hong Kong, employers provide death benefits through group life insurance plans. Few employers provide packaged group life and personal accident insurance plan and group health and life policies. Group life plans also offer accidental death and dismemberment benefits.

Hong Kong life insurance market, by line of business

Hong Kong life insurance market, by line of business

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What are the key distribution channel segments of Hong Kong life insurance market?

The key distribution channel segments of the life insurance market in Hong Kong are bancassurance, insurance agencies, insurance brokers, direct marketing, and other distribution channels. Bancassurance held the largest share in the Hong Kong life insurance market followed by insurance agencies, insurance brokers, direct marketing, and other distribution channels.

Bancassurance is the leading channel in offering a wide array of services covering retail banking and savings requirements to wealth management services due to the extensive banking network in the region. Popular bancassurance products in terms of profitability include mortgage reducing term assurance. With innovations in technology, bancassurance is expected to continue playing a key role.

Hong Kong life insurance market, by distribution channel

Hong Kong life insurance market, by distribution channel

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Which are the key life insurance companies in Hong Kong?

Some of the key life insurance companies in Hong Kong are AIA International Ltd, Prudential Hong Kong Ltd, China Life Insurance (Overseas) Company Ltd, Manulife (International) Ltd (Hong Kong), HSBC Life (International) Ltd (Hong Kong), BOC Group Life Assurance Company Ltd, Axa China Region Insurance Company (Bermuda) Ltd (Hong Kong), Sun Life Hong Kong Ltd, FWD Life Insurance Company (Bermuda) Ltd, and Hang Seng Insurance Company Ltd.

Hong Kong life insurance market, by key companies

Hong Kong life insurance market, by key companies

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Market Report Scope

Market size (2021) $72.9 billion (GWP)
CAGR >6%
Forecast period 2020-2025
Key lines of business Life Insurance, Whole Life Insurance, General Annuity, Endowment, Term Life Insurance, Pension, and Other Life Insurance
Key distribution channels Bancassurance, Insurance Agencies, Insurance Brokers, Direct Marketing, and Other Distribution Channels
Key companies AIA International Ltd, Prudential Hong Kong Ltd, China Life Insurance (Overseas) Company Ltd, Manulife (International) Ltd (Hong Kong), HSBC Life (International) Ltd (Hong Kong), BOC Group Life Assurance Company Ltd, Axa China Region Insurance Company (Bermuda) Ltd (Hong Kong), Sun Life Hong Kong Ltd, FWD Life Insurance Company (Bermuda) Ltd, and Hang Seng Insurance Company Ltd

 Scope

This report provides

  • Comprehensive analysis of the life insurance segment in Hong Kong.
  • Historical values for the Hong Kong life insurance segment for the report’s 2016-2020 review period, and projected figures for the 2020-2025 forecast period.
  • Profiles of the top life insurance companies in Hong Kong and key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Hong Kong’s life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Hong Kong’s life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

AIA International Ltd

Prudential Hong Kong Ltd

China Life Insurance (Overseas) Company Ltd

Manulife (International) Ltd (Hong Kong)

HSBC Life (International) Ltd (Hong Kong)

BOC Group Life Assurance Company Ltd

Axa China Region Insurance Company (Bermuda) Ltd (Hong Kong)

Sun Life Hong Kong Ltd

FWD Life Insurance Company (Bermuda) Ltd

Hang Seng Insurance Company Ltd

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Key Trends by Line of Business

Whole Life Insurance

Endowment

Genrral Annuity

Pension

Term Life

Other Life Insurance

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Competitor Profiles

Regulatory and Compliance

Appendix

Frequently Asked Questions

The gross written premium of Hong Kong life insurance market was valued at $72.9 billion in 2021.

 

 

 

 

The life insurance market in Hong Kong is expected to grow at a CAGR of more than 6% during the forecast period.

The key lines of business in the life insurance market in Hong Kong are life insurance, whole life insurance, general annuity, endowment, term life insurance, pension, and other life insurance.

The key distribution channel segments of the life insurance market in Hong Kong are bancassurance, insurance agencies, insurance brokers, direct marketing, and other distribution channels.

Some of the key life insurance companies in Hong Kong are AIA International Ltd, Prudential Hong Kong Ltd, China Life Insurance (Overseas) Company Ltd, Manulife (International) Ltd (Hong Kong), HSBC Life (International) Ltd (Hong Kong), BOC Group Life Assurance Company Ltd, Axa China Region Insurance Company (Bermuda) Ltd (Hong Kong), Sun Life Hong Kong Ltd, FWD Life Insurance Company (Bermuda) Ltd, and Hang Seng Insurance Company Ltd.

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