Non-Life Insurance in Hong Kong, Key Trends and Opportunities to 2020

Non-Life Insurance in Hong Kong, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Non-Life Insurance in Hong Kong, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Hong Kong non-life insurance segment, and a comparison of the Hong Kong insurance industry with its regional counterparts.

It provides values for 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, explains the various types of natural hazard and their impact on the Hong Kong insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric'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.

Summary

Timetric's 'Non-Life Insurance in Hong Kong, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Hong Kong non-life insurance segment, including:

The Hong Kong non-life segment's detailed outlook by product category

A comprehensive overview of the Hong Kong economy and demographics

A comparison of the Hong Kong non-life insurance segment with its regional counterparts

The various distribution channels in the Hong Kong non-life insurance segment

Detailed analysis of natural hazards and their impact on the Hong Kong insurance industry

Details of the competitive landscape in the non-life insurance segment in Hong Kong

Details of regulatory policy applicable to the Hong Kong insurance industry

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Hong Kong:

It provides historical values for the Hong Kong non-life 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 non-life insurance segment, and market forecasts to 2020.

It provides a comparison of the Hong Kong non-life insurance segment with its regional counterparts

It analyzes the various distribution channels for non-life insurance products in Hong Kong.

It analyzes various natural and man-made hazards and their impact on the Hong Kong insurance industry

It profiles the top non-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 non-life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Hong Kong non-life insurance segment.

Assess the competitive dynamics in the non-life 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.

Key Highlights

Liability insurance was the largest category during the review period, in terms of direct written premium. The category accounted for 43.8% of the segment's direct written premium.

Property insurance was the second-largest category, accounting for 34.9% of the segment's gross written premium in 2015.

The Hong Kong non-life insurance segment is fragmented, with 10 leading insurers accounting for 48.1% of the gross written premium in 2015.



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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 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Brokers

6.1.2 Agencies

6.1.3 Direct marketing

6.1.4 Bancassurance

6.1.5 E-commerce

6.1.6 Peer-to-peer insurance

7 Natural and Man-made Hazards

7.1 Storm

7.2 Flooding

7.3 Wildfires

7.4 Earthquakes

7.5 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 State Farm Mutual Automobile Insurance Company-company overview

8.1.2 Allstate Insurance Company-company overview

8.1.3 Berkshire Hathaway, Inc.-company overview

8.1.4 Liberty Mutual Group-company overview

8.1.5 The Travelers Indemnity Company-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Health insurance

9.4.3 Social insurance system

9.4.4 Aviation third-party liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 National Association of Insurance Commissioners

9.5.3 Federal Insurance Office

9.5.4 American Insurance Association

9.5.5 National Association of Mutual Insurance Companies

9.5.6 Property Casualty Insurers of America

9.5.7 Reinsurance Association of America

9.5.8 American Council of Life Insurers

9.6 Non-Admitted Insurance Regulation

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Property Insurance

10.7 Property Insurance by Product

10.8 Motor Insurance

10.9 Motor Insurance by Product

10.1 Liability Insurance

10.11 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 Disclaimer

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 Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Hong Kong Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Hong Kong Non-Life Insurance-Gross Written Premium (HKD Billion), 2011-2020

Figure 10: Hong Kong Non-Life Insurance-Penetration (%), 2011-2020

Figure 11: Hong Kong Non-Life Insurance-Premium per Capita (HKD), 2011-2020

Figure 12: Hong Kong Non-Life Insurance-Paid Claims (HKD Billion), 2011-2020

Figure 13: Hong Kong Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 14: Hong Kong Non-Life Insurance-Total Assets (HKD Billion), 2011-2020

Figure 15: Hong Kong Non-Life Insurance-Investment Portfolio (HKD Billion), 2011-2020

Figure 16: Hong Kong Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 17: Hong Kong Non-Life Insurance-Direct Written Premium by Category (HKD Billion), 2011-2020

Figure 18: Hong Kong Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 19: Hong Kong Property Insurance-Construction Value Output by Category (HKD Billion), 2012-2021

Figure 20: Hong Kong Property Insurance-Direct Written Premium by Sub-Category (HKD Billion), 2011-2020

Figure 21: Hong Kong Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 22: Hong Kong Property Insurance-Paid Claims (HKD Billion), 2011-2020

Figure 23: Hong Kong Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (HKD Billion and %), 2011-2020

Figure 24: Hong Kong Motor Insurance-Direct Written Premium by Sub-Category (HKD Billion), 2011-2020

Figure 25: Hong Kong Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 26: Hong Kong Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020

Figure 27: Hong Kong Motor Insurance-Paid Claims (HKD Billion), 2011-2020

Figure 28: Hong Kong Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (HKD Billion and %), 2011-2020

Figure 29: Hong Kong Liability Insurance-Direct Written Premium (HKD Billion), 2011-2020

Figure 30: Hong Kong Liability Insurance-Paid Claims (HKD Billion), 2011-2020

Figure 31: Hong Kong Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (HKD Billion and %), 2011-2020

Figure 32: Hong Kong Marine, Aviation and Transit Insurance-Imports and Exports (%), 2011-2015

Figure 33: Hong Kong Marine, Aviation and Transit Insurance-Imports and Exports Breakdown By Main Commodity Group (%), 2015

Figure 34: Hong Kong Marine, Aviation and Transit Insurance-Imports and Exports By Main Commodity's Group Destination and Origin Countries (%), 2015

Figure 35: Hong Kong Marine, Aviation and Transit Insurance-Direct Written Premium (HKD Billion), 2011-2020

Figure 36: Hong Kong Marine, Aviation and Transit Insurance-Paid Claims (HKD Million), 2011-2020

Figure 37: Hong Kong Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (HKD Billion and %), 2011-2020

Figure 38: Hong Kong-Frequency of Hazards by Type, 1990-2014

Figure 39: Hong Kong Mortality by Hazards Type, 1990-2014

Figure 40: Hong Kong Economic Loss by Hazards Type, 1990-2014

Figure 41: Hong Kong Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 42: Hong Kong-Insurance Supervision and Control at Various Levels

Figure 43: Hong Kong-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Hong Kong Non-Life Insurance-Key Facts, 2014

Table 2: Hong Kong Non-Life Insurance-Segment Shares of Top Insurers, 2015

Table 3: Hong Kong Government Credit Ratings

Table 4: Hong Kong Non-Life Insurance-Gross Written Premium (HKD Billion and US$ Billion), 2011-2015

Table 5: Hong Kong Non-Life Insurance-Penetration (%), 2011-2015

Table 6: Hong Kong Non-Life Insurance-Gross Written Premium (HKD Billion and US$ Billion), 2015-2020

Table 7: Hong Kong Non-Life Insurance-Penetration (%), 2015-2020

Table 8: Hong Kong Non-Life Insurance-Premium per Capita (HKD and US$), 2011-2015

Table 9: Hong Kong Non-Life Insurance-Premium per Capita (HKD and US$), 2015-2020

Table 10: Hong Kong Non-Life Insurance-Paid Claims (HKD Billion and US$ Billion), 2011-2015

Table 11: Hong Kong Non-Life Insurance-Paid Claims (HKD Billion and US$ Billion), 2015-2020

Table 12: Hong Kong Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 13: Hong Kong Non-Life Insurance-Profitability Ratio (%), 2015-2020

Table 14: Hong Kong Non-Life Insurance-Total Assets (HKD Billion and US$ Billion), 2011-2015

Table 15: Hong Kong Non-Life Insurance-Total Assets (HKD Billion and US$ Billion), 2015-2020

Table 16: Hong Kong Non-Life Insurance-Investment Portfolio (HKD Billion), 2011-2015

Table 17: Hong Kong Non-Life Insurance-Investment Portfolio (HKD Billion), 2015-2020

Table 18: Hong Kong Non-Life Insurance-Direct Written Premium by Category (HKD Billion), 2011-2015

Table 19: Hong Kong Non-Life Insurance-Direct Written Premium by Category (HKD Billion), 2015-2020

Table 20: Hong Kong Property Insurance-Direct Written Premium by Sub-Category (HKD Billion), 2011-2015

Table 21: Hong Kong Property Insurance-Direct Written Premium by Sub-Category (HKD Billion), 2015-2020

Table 22: Hong Kong Property Insurance-Paid Claims (HKD Million and US$ Million), 2011-2015

Table 23: Hong Kong Property Insurance-Paid Claims (HKD Million and US$ Million), 2015-2020

Table 24: Hong Kong Property Insurance-Loss Ratio (%), 2011-2015

Table 25: Hong Kong Property Insurance-Loss Ratio (%), 2015-2020

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

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

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

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

Table 30: Hong Kong Motor Insurance-Paid Claims (HKD Billion and US$ Billion), 2011-2015

Table 31: Hong Kong Motor Insurance-Paid Claims (HKD Billion and US$ Billion), 2015-2020

Table 32: Hong Kong Motor Insurance-Loss Ratio (%), 2011-2015

Table 33: Hong Kong Motor Insurance-Loss Ratio (%), 2015-2020

Table 34: Hong Kong Liability Insurance-Direct Written Premium by Sub-Category (HKD Billion), 2011-2015

Table 35: Hong Kong Liability Insurance-Direct Written Premium by Sub-Category (HKD Billion), 2015-2020

Table 36: Hong Kong Liability Insurance-Paid Claims (HKD Billion and US$ Million), 2011-2015

Table 37: Hong Kong Liability Insurance-Paid Claims (HKD Billion and US$ Million), 2015-2020

Table 38: Hong Kong Liability Insurance-Loss Ratio (%), 2011-2015

Table 39: Hong Kong Liability Insurance-Loss Ratio (%), 2015-2020

Table 40: Hong Kong Transport Network-Global Rankings

Table 41: Hong Kong Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (HKD Billion), 2011-2015

Table 42: Hong Kong Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (HKD Billion), 2015-2020

Table 43: Hong Kong Marine, Aviation and Transit Insurance-Paid Claims (HKD Million and US$ Million), 2011-2015

Table 44: Hong Kong Marine, Aviation and Transit Insurance-Paid Claims (HKD Million and US$ Million), 2015-2020

Table 45: Hong Kong Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 46: Hong Kong Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 47: Hong Kong Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Table 48: Insurance Company-Key Facts

Table 49: Insurance Company-Key Facts

Table 50: Insurance Company-Key Facts

Table 51: Insurance Company-Key Facts

Table 52: Insurance Company-Key Facts

Table 53: Hong Kong-Insurance Regulatory Framework Key Features

Table 54: Hong Kong-Life Insurance Regulatory Framework

Table 55: Hong Kong-Property Insurance Regulatory Framework

Table 56: Hong Kong-Motor Insurance Regulatory Framework

Table 57: Hong Kong-Liability Insurance Regulatory Framework

Table 58: Hong Kong-Minimum Cover for Aircraft Liability Per Accident Per Aircraft

Table 59: Hong Kong-Corporate Tax Rates for the Financial Year 2016

Table 60: Hong Kong Insurance Industry-Policies and Premium, 2011-2015

Table 61: Hong Kong Insurance Industry-Policies and Premium, 2015-2020

Table 62: Hong Kong Non-Life Insurance-Claims and Expenses, 2011-2015

Table 63: Hong Kong Non-Life Insurance-Claims and Expenses, 2015-2020

Table 64: Hong Kong Non-Life Insurance-Assets and Investments, 2011-2015

Table 65: Hong Kong Non-Life Insurance-Assets and Investments, 2015-2020

Table 66: Hong Kong Non-Life Insurance-Property Insurance, 2011-2015

Table 67: Hong Kong Non-Life Insurance-Property Insurance, 2015-2020

Table 68: Hong Kong Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 69: Hong Kong Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 70: Hong Kong Non-Life Insurance-Motor Insurance, 2011-2015

Table 71: Hong Kong Non-Life Insurance-Motor Insurance, 2015-2020

Table 72: Hong Kong Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 73: Hong Kong Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 74: Hong Kong Non-Life Insurance-Liability Insurance, 2011-2015

Table 75: Hong Kong Non-Life Insurance-Liability Insurance, 2015-2020

Table 76: Hong Kong Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 77: Hong Kong Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 78: Insurance Industry Definitions

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