Hong Kong Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Hong Kong Life Insurance Market Report Overview
The gross written premium of Hong Kong life insurance market was HKD478.2 billion ($61.1 billion) in 2023 and is expected to achieve a CAGR of more than 3% during 2024-2028. The Hong Kong life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life 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 Life Insurance Market Outlook, 2023-2028 (HKD Billion)
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The Hong Kong life 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 (2023) | HKD478.2 billion ($61.1 billion) |
CAGR (2024-2028) | >3% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · Endowment
· Whole Life · General Annuity · Pension · Term Life · Other Life Insurance |
Key Distribution Channels | · Direct Marketing
· Insurance Brokers · Bancassurance · Agencies |
Leading Companies | · AIA International
· Prudential · HSBC Life · Manulife · China Life Insurance · AXA China Region Insurance · BOC Group Life Assurance |
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Hong Kong Life Insurance Market Trends
Inclusive insurance, ESG, and insurtech developments are the recurring trends in the Hong Kongian life insurance market.
ESG has been a major factor for all large insurers and will be a central part of any business strategy in the Hong Kong life insurance market in the coming years. Additionally, Hong Kong (China SAR) is among the top five global markets in terms of financial inclusivity in 2023. Financial literacy and digitalization have enabled a diversity of financial products in the country.
Hong Kong Life Insurance Market Segmentation by Lines of Business
Whole Life was the leading life insurance line of business in 2023
The key lines of business in the Hong Kong life insurance industry are endowment, whole life, general annuity, pension, term life, and other life insurance.
The demand for whole-life insurance is driven by the country’s aging society, increased life expectancy, and a falling fertility rate. Moreover, the demand for whole-life insurance policies is also witnessing an increase as insurers redesign these insurance plans by enhancing protection and inclusivity elements such as offering whole-life protection for senior citizens, providing additional death and dementia-related benefits, and launching ESG-related investment-focused insurance plans.
Hong Kong Life Insurance Market Analysis by Lines of Business, 2023 (%)
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Hong Kong Life Insurance Market Segmentation by Distribution Channels
Bancassurance was the most preferred channel to purchase life insurance in 2023
A few of the key distribution channels in the Hong Kongian life insurance industry are direct marketing, insurance brokers, bancassurance, and agencies. The rise in bancassurance can be attributed to the number of acquisitions, with the banking partners set to increase the penetration of life insurance products in the market.
Hong Kong Life Insurance Market Analysis by Distribution Channels, 2023 (%)
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Hong Kong Life Insurance Market - Competitive Landscape
Brasilprev Seguros was the largest life insurer in 2022
A few of the leading life insurance companies in Hong Kong are:
- AIA International
- Prudential
- HSBC Life
- Manulife
- China Life Insurance
- AXA China Region Insurance
- BOC Group Life Assurance
Hong Kong Life Insurance Market Analysis by Companies, 2022 (%)
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Hong Kong Life Insurance Market - Latest Deals
A few of the latest deals in the Hong Kong Life insurance market are:
- In March 28, 2023 Chubb and Hang Seng signed a 15-year exclusive distribution agreement whereby Chubb will offer a wide range of general insurance products and solutions for personal and commercial use in Hong Kong to Hang Seng banking customers.
- January 20, 2023 Sun Life partnered with Dah Sing Bank to provide bancassurance services through the bank’s 40+ branches in Hong Kong.
Segments Covered in the Report
Hong Kong Life Insurance Lines of Business Outlook (Value, HKD Billion, 2019-2028)
- Endowment
- Whole Life
- General Annuity
- Pension
- Term Life
- Other Life Insurance
Hong Kong Life Insurance Distribution Channel Outlook (Value, HKD Billion, 2019-2028)
- Direct Marketing
- Insurance Brokers
- Bancassurance
- Agencies
Scope
This report provides a comprehensive analysis of the life insurance segment in Hong Kong –
- It provides historical values for Hong Kong life’s insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
- It profiles the top life insurance companies in Hong Kong and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Hong Kong’s life 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 life insurance segment’s market structure giving details of lines of business.
- Hong Kong’s life reinsurance business’ market structure giving details of premium ceded along with cession rates.
- Distribution channels deployed by Hong Kong’s life insurers.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Hong Kong’s life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in 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.
Prudential
HSBC Life
Manulife
China Life Insurance
AXA China Region Insurance Bermuda
BOC Group Life Assurance
Hang Seng Insurance
Table of Contents
Frequently asked questions
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What was the Hong Kong life insurance market gross written premium in 2023?
The gross written premium of the Hong Kongian life insurance market was HKD478.2 billion ($61.1 billion) in 2023.
-
What is the growth rate of the Hong Kong life insurance market?
The life insurance market in Hong Kong is expected to achieve a CAGR of more than 3% during 2024-2028.
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Which line of business held the largest share of the Hong Kong life insurance market?
Whole life was the leading life insurance line of business in 2023.
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Which distribution channel held the highest share in the Hong Kongian life insurance market?
Bancassurance was the leading channel in the Hong Kongian life insurance market in 2023.
-
Which are the key companies operating in the Hong Kong life insurance market?
A few of the leading life insurance companies in Hong Kong are AIA International, Prudential, HSBC Life, Manulife, China Life Insurance, AXA China Region Insurance, and BOC Group Life Assurance
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