Personal Accident and Health Insurance in Hong Kong, Key Trends and Opportunities to 2020

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Published: May 11, 2017 Report Code: GD-IS1462MR-ST

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GlobalData’s 'Personal Accident and Health Insurance in Hong Kong, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Hong Kong personal accident and health insurance segment, and a comparison of the Hong Kong insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Hong Kong economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Hong Kong:

• It provides historical values for the Hong Kong personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Hong Kong personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Hong Kong personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Hong Kong.

• It profiles the top personal accident and health insurance companies in Hong Kong, and outlines the key regulations affecting them.

Key Highlights

• Health insurance accounted for 76.6% of the segment’s direct written premium in 2015.

• Personal accident insurance was the smallest category, accounting for 23.4% of the segment’s direct written premium in 2015.

• The Hong Kong personal accident and health segment was moderately concentrated, with the top 10 insurers accounting for 79.0% of the segment’s gross written premium in 2015.

• The segment’s penetration rose from 0.49% in 2011 to 0.58% in 2015.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Hong Kong personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Hong Kong personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Hong Kong insurance industry, and their impact on companies and the industry's future.

Bupa (Asia) Ltd
Axa General Insurance Hong Kong Ltd
Axa China Region Insurance Company Ltd
Blue Cross (Asia-Pacific) Insurance Ltd
CTPI (Hong Kong) Ltd
AIA International Company
Prudential (Hong Kong) General
Liberty International Insurance Ltd
Bank of China Group Insurance Ltd
Zurich Insurance (Hong Kong) Ltd

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Claims

5.1.3 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.2.3 Claims

5.2.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Bupa Asia Ltd – company overview

7.1.2 Axa General Insurance Hong Kong Ltd – company overview

7.1.3 Axa China Region Insurance Company Ltd – company overview

7.1.4 Blue Cross (Asia-Pacific) Insurance Ltd – company overview

7.1.5 CTPI (Hong Kong) Ltd – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Employee compensation insurance

8.4.3 Building owners’ corporations third-party liability insurance

8.4.4 Professional indemnity insurance for insurance brokers

8.4.5 Civil aviation liability insurance

8.4.6 Fidelity insurance for licence institutions dealing in securities and future contracts

8.4.7 Liability insurance for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors (IAIS)

8.5.2 The Office of the Commissioner of Insurance (OCI)

8.5.3 The Hong Kong Federation of Insurers (HKFI)

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Personal Accident Insurance

9.5 Health Insurance

9.6 Health Insurance by Product

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Hong Kong Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Hong Kong Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Hong Kong Government Credit Ratings

Table 4: Hong Kong Personal Accident and Health Insurance – Gross Written Premium (HKD Billion and US$ Billion), 2011–2015

Table 5: Hong Kong Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 6: Hong Kong Personal Accident and Health Insurance – Gross Written Premium (HKD Billion and US$ Billion), 2015–2020

Table 7: Hong Kong Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 8: Hong Kong Personal Accident and Health Insurance – Premium per Capita (HKD and US$), 2011–2015

Table 9: Hong Kong Personal Accident and Health Insurance – Premium per Capita (HKD and US$), 2015–2020

Table 10: Hong Kong Personal Accident and Health Insurance – Paid Claims (HKD Billion and US$ Million), 2011–2015

Table 11: Hong Kong Personal Accident and Health Insurance – Paid Claims (HKD Billion and US$ Million), 2015–2020

Table 12: Hong Kong Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 13: Hong Kong Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 14: Hong Kong Personal Accident and Health Insurance – Total Assets (HKD Billion and US$ Billion), 2011–2015

Table 15: Hong Kong Personal Accident and Health Insurance – Total Assets (HKD Billion and US$ Billion), 2015–2020

Table 16: Hong Kong Personal Accident and Health Insurance – Investment Portfolio (HKD Billion), 2011–2015

Table 17: Hong Kong Personal Accident and Health Insurance – Investment Portfolio (HKD Billion), 2015–2020

Table 18: Hong Kong Personal Accident and Health Insurance – Direct Written Premium by Category (HKD Billion), 2011–2015

Table 19: Hong Kong Personal Accident and Health Insurance – Direct Written Premium by Category (HKD Billion), 2015–2020

Table 20: Hong Kong Personal Accident Insurance – Direct Written Premium (HKD Billion and US$ Million), 2011–2015

Table 21: Hong Kong Personal Accident Insurance – Direct Written Premium (HKD Billion and US$ Million), 2015–2020

Table 22: Hong Kong Personal Accident Insurance – Paid Claims (HKD Million and US$ Million), 2011–2015

Table 23: Hong Kong Personal Accident Insurance – Paid Claims (HKD Million and US$ Million), 2015–2020

Table 24: Hong Kong Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 25: Hong Kong Personal Accident Insurance – Loss Ratio (%), 2015–2020

Table 26: Hong Kong Health Insurance – Direct Written Premium by Sub-Category (HKD Billion), 2011–2015

Table 27: Hong Kong Health Insurance – Direct Written Premium by Sub-Category (HKD Billion), 2015–2020

Table 28: Hong Kong Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 29: Hong Kong Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 30: Hong Kong Health Insurance – Paid Claims (HKD Billion and US$ Million), 2011–2015

Table 31: Hong Kong Health Insurance – Paid Claims (HKD Billion and US$ Million), 2015–2020

Table 32: Hong Kong Health Insurance – Loss Ratio (%), 2011–2015

Table 33: Hong Kong Health Insurance – Loss Ratio (%), 2015–2020

Table 34: Hong Kong Personal Accident and Health Insurance – Market Shares of Leading Insurers (%), 2015

Table 35: Bupa Asia Ltd Insurance Company – Key Facts

Table 36: Bupa Asia Ltd Insurance Company – Key Financials (HKD Million), 2011–2015

Table 37: Axa General Insurance Hong Kong Ltd Insurance Company – Key Facts

Table 38: Axa China Region Insurance Company Ltd – Key Facts

Table 39: Axa China Region Insurance Company Ltd – Key Financials (HKD Million), 2011–2015

Table 40: Blue Cross (Asia-Pacific) Insurance Ltd – Key Facts

Table 41: Blue Cross (Asia-Pacific) Insurance Ltd – Key Financials (HKD Million), 2011–2015

Table 42: CTPI (Hong Kong) Ltd Insurance Company – Key Facts

Table 43: Hong Kong – Insurance Regulatory Framework Key Features

Table 44: Hong Kong – Life Insurance Regulatory Framework

Table 45: Hong Kong – Property Insurance Regulatory Framework

Table 46: Hong Kong– Motor Insurance Regulatory Framework

Table 47: Hong Kong – Liability Insurance Regulatory Framework

Table 48: Hong Kong – Minimum Cover for Aircraft Liability Per Accident Per Aircraft

Table 49: Hong Kong – Corporate Tax Rates for the Financial Year 2016

Table 50: Hong Kong Personal Accident and Health Insurance Industry– Policies and Premium, 2011–2015

Table 51: Hong Kong Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 52: Hong Kong Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 53: Hong Kong Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 54: Hong Kong Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 55: Hong Kong Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 56: Hong Kong Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 57: Hong Kong Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 58: Hong Kong Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 59: Hong Kong Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 60: Hong Kong Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 61: Hong Kong Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 62: Insurance Industry Definitions

Figures

Figure 1: Hong Kong Real GDP (HKD Billion), 2011–2020

Figure 2: Hong Kong Consumer Price Inflation (%), 2011–2020

Figure 3: Hong Kong Current Account Balance as Percentage of GDP (%), 2011–2020

Figure 4: HKD-US$ Exchange Rate, 2011–2020

Figure 5: Hong Kong Unemployment Rate, 2011–2020

Figure 6: Hong Kong Population by Age Group, 1991–2025

Figure 7: Hong Kong Personal Accident Insurance – Number of Road Accidents, 2011–2015

Figure 8: Hong Kong Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 9: Hong Kong Insurance Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 10: Hong Kong Personal Accident and Health Insurance – Gross Written Premium (HKD Billion), 2011–2020

Figure 11: Hong Kong Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 12: Hong Kong Personal Accident and Health Insurance – Premium per Capita (HKD), 2011–2020

Figure 13: Hong Kong Personal Accident and Health Insurance – Paid Claims (HKD Billion), 2011–2020

Figure 14: Hong Kong Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 15: Hong Kong Personal Accident and Health Insurance – Total Assets (HKD Billion), 2011–2020

Figure 16: Hong Kong Personal Accident and Health Insurance – Investment Portfolio (HKD Billion), 2011–2020

Figure 17: Hong Kong Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 18: Hong Kong Personal Accident and Health Insurance – Direct Written Premium by Category (HKD Billion), 2011–2020

Figure 19: Hong Kong Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 20: Hong Kong Personal Accident Insurance – Direct Written Premium (HKD Billion), 2011–2020

Figure 21: Hong Kong Personal Accident Insurance – Paid Claims (HKD Billion), 2011–2020

Figure 22: Hong Kong Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (HKD Billion and %), 2011–2020

Figure 23: Hong Kong Health Insurance – Direct Written Premium by Sub-Category (HKD Billion), 2011–2020

Figure 24: Hong Kong Health Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 25: Hong Kong Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 26: Hong Kong Health Insurance – Paid Claims (HKD Billion), 2011–2020

Figure 27: Hong Kong Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (HKD Billion and %), 2011–2020

Figure 28: Hong Kong Personal Accident and Health Insurance – Market Shares of Leading Insurers (%), 2015

Figure 29: Hong Kong – Insurance Supervision and Control at Various Levels

Figure 30: Hong Kong – Insurance Regulatory Frameworks for Company Registration and Operation

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