+44 20 7947 2745. salary snapshots for more than 20 different insurance jobs in Hong Kong. Please change your browser options. Hong Kong is a special administrative region of the People's Republic of China. – The Hong Kong insurance market had total gross written premiums of $65.9bn in 2018, representing a compound annual growth rate (CAGR) of 12.9% between 2014 and 2018. Please check our Privacy Policy to see how we protect and manage your submitted data. Topped it off with a whole roast duck from the deli. 41) (IO) on the secrecy provisions Hong Kong is one of the most sophisticated life insurance markets in the world, attracting thousands of customers from mainland China and many other places. Diese Werte, historische Daten, Prognosen, Statistiken, Diagramme und ökonomische Kalender - Hong-Kong - Börse. This statistic presents the total assets of insurance companies in Hong Kong from 2002 to 2014. Facing […] The Lloyd’s team in Hong Kong plays an important role in the promotion and management of Lloyd’s brand as well as the regulatory and compliance requirements for Lloyd’s in the Hong Kong market. Your data will never be shared with third parties, however we may send you information from time to time about related third party products that may be of interest to you. Conditions in the international insurance markets affect Hong Kong as increased reinsurance (insurance for the insurers) pricing is passed on to the ultimate client. Hong Kong’s insurance market is one of the most open markets. The operating environment for the pharmaceutical industry in Hong Kong is likely to remain stable until 2018. HONG KONG, Aug. 4, 2020 /PRNewswire/ -- In light of the ongoing spread of the Coronavirus Disease 2019 (COVID-19), AXA Hong Kong is now offering the following enhanced coverage and services to … Voluntary Health Insurance Scheme VHIS. The FSDC was established in 2013 by the Hong Kong Special Administrative Region Government as a high-level, cross-sectoral advisory body to engage the industry in formulating proposals to promote the further development of the financial services industry of Hong Kong and to map out the strategic direction for the development. - The Hong Kong insurance market had total gross written premiums of $65.9bn in 2018, representing a compound annual growth rate (CAGR) of 12.9% between 2014 and 2018. reportstore@marketline.com You are in control of the communications you receive from us and you can update your preferences anytime to make sure you are receiving information that matters to you. While we expect the overall business confidence to lower in 2019 due to the uncertainty in the financial services space, insurance companies will be quick to take advantage of the volatile market. 2007-11-26 Source: "Register of Authorized Insurers".Insurance Authority. Although there are many players giving a variety of choice in the PHI market, some hidden concerns might be found in the growing PHI market. During the past 5 years, the overall Hong Kong insurance industry achieved an average annual growth of 11.3%. Aetna Hong Kong to launch new insurance plans for mid-market This follows the launch of the Aetna Hong Kong plans for individuals back in February 2020. In recent years, Hong Kong’s insurance market has shown considerable growth. It is the second largest recipient as well as supplier of FDI in the world. According to Swiss Re sigma statistics, in 2019, Hong Kong had the highest life insurance density (measured by premiums per capita) among advanced Asia-Pacific markets at US$ 8,979, and the highest life insurance penetration (premiums as a percentage of GDP) globally at 18.26 per cent. Whatever the final outcome, the pandemic seems certain to have helped cause record losses across the global insurance industry, adding to significant natural catastrophe losses which continue to adversely impact underwriting results. Insurance companies are expected to step up on re-branding and marketing efforts for more traditional insurance products like life, health and savings policies in 2021. Insurance sector in Hong Kong – additional information Hong Kong has one of the most developed insurance markets in the region and it has attracted many of the world’s top insurance companies. Bowtie Life Insurance is the best-known virtual insurer brand (23%), followed by Blue (4%) and ZA Insure (3%). In recent years, the emergence of digital-only insurers and tech giants has brought new elements to the fertile insurance landscape and challenges much old thinking. company number 01813905 and registered address John Carpenter House, John Carpenter Street, London EC4Y 0AN. Of the insurance companies operating in Hong Kong, 91 companies were incorporated in Hong Kong, and the rest were from different countries and regions, with a majority being registered in the U.S., Bermuda and the U.K. Hong Kong is experiencing its first hard market since 2008, with significant rate increases in 2019-20 for property, motor, employees' compensation and D&O. Liberty Specialty Markets, known also as LSM or Liberty, is a trading name of Liberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605) incorporated in Massachusetts, USA (the liability of members is limited); Liberty Specialty Markets Hong Kong Limited (No. Liberty Specialty Markets, known also as LSM or Liberty, is a trading name of Liberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605) incorporated in Massachusetts, USA (the liability of members is limited); Liberty Specialty Markets Hong Kong Limited (No. If you’re travelling to Hong Kong, worldwide travel insurance could cost from £12.84** for a week or £26.40*** for annual travel, based on Compare the Market data in November 2020. You can also check our key areas of expertise in insurance recruitment. I think a one star review for a single product issue is petty and unfair. – The life insurance segment was the market's most lucrative in 2018, with total gross written premiums of $61.0bn, equivalent to 92.6% of the market's overall value. In 2015, it was 73% of claims. 8.4. The Hong Kong insurance industry saw a 12.5% increase in total gross premiums to $148.8bn for the first quarter of 2019, an increase of 12.3% compared to the corresponding period in 2018, according to provisional statistics from the Insurance Authority of Hong Kong (IAHK). Faced with Hong Kong’s rapidly ageing population, and a call for better healthcare services as the market turns affluent, demand for private health insurance (PHI) will indeed continue to rise. - How has the market performed over the last five years? Hong Kong's largest and oldest 'insurance supermarket', Kwiksure, has seen a deluge of new medical insurance plans from key global insurers into the Hong Kong market in 2012. The amendments signed by the Hong Kong and PRC governments, aimed at reducing the threshold for Hong Kong insurance companies to enter the Mainland insurance market, include: Please note: The Lloyd's Hong Kong offices do not underwrite, quote or issue insurance policies. – Increasing demand for life insurance products led to Hong Kong’s strong growth rates. The industry is naturally at different stages of preparedness and there is considerable work to be done in the actuarial model development. Most companies in the insurance space have also pivoted their business models to focus on developing and offering more digital products and services. Intense competition in Hong Kong's insurance market, along with economic instability amid local politics and the Covid-19 pandemic, have weighed on the valuation of the company, the people said. Today I filled my cart with lots of fresh meat, produce, staples and condiments. Please complete the form below, you will then be provided immediate access to the pages you have requested. Insurance professionals looking to change employers in 2021 can expect a 3% to 5% increment in their salary. (RTTNews) - The Hong Kong stock market has tracked lower in consecutive trading days, sinking almost 800 points or 2.4 percent along the way. The Lloyd’s team in Hong Kong plays an important role in the promotion and management of Lloyd’s brand as well as the regulatory and compliance requirements for Lloyd’s in the Hong Kong market. It provides values for key performance indicators such as gross written premium, claims paid, penetration and assets during the review period … This statistic presents the leading non-life insurance companies in Hong Kong in 2015, based on gross premiums written. 7.4. The total gross premiums of Hong Kong insurance industry in 2019 The COVID-19 pandemic and political instability in Hong Kong SAR have resulted in the slowing down of the local insurance industry, with an obvious slump towards the end of 2020. AXA, Liberty, Zurich and now Cigna have all entered the medical insurance segment, or offered enhanced products, to try and capture a share of the growing market. Has there been any M&A activity in recent years? Available addition: Guangdong Province Extension; Get a quote. Due to the economic uncertainty, bonuses and salaries are expected to remain low until border controls are relaxed and when the pandemic stabilises. reportstore@marketline.com, © MarketLine is a trading name of Progressive Digital Media Ltd, a company registered in England and Wales, with Source: "List of Authorized Insurers" (PDF).Office of the Commissioner of Insurance. This report provides in-depth market analysis, information and insights into the the Hong Kong general insurance segment. This report provides in-depth market analysis, information and insights into the Hong Kong life insurance segment. Opportunities for growth in insurance continue to expand following the announcement of a government-backed health insurance … According to a recent report by ArtTactic, Hong Kong has now overtaken London as the second-biggest contemporary art auction market in the world after New York. Press release - HTF Market Intelligence Consulting Pvt. According to US law, US person insurers are prohibited from providing insurance services to the EO 13936 SDNs (or entities they majority own), whether in the US, Hong Kong or elsewhere, without obtaining a specific licence from OFAC. The health insurance industry is one of the cardinal components of the global economy by virtue of the amount of revenue it generates, the extent of the global investment, and most prominently the indispensable socio-economic role it plays in securing personal and business risk in the event of unforeseen problems. Half of the companies do not have an existing economic capital framework that could be leveraged for implementa… Financial Services . The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Please contact client services for any further information: We use cookies to give you the best online experience. China Merchants Insurance Co., Ltd. (“CMI”), a wholly-owned subsidiary of the China Merchants Finance Holding Co. Ltd., was established in Hong Kong in 1988.CMI provides a wide range of commercial and personal lines general insurance products including property insurance, liability insurance, cargo transport insurance, logistic liability insurance and accident insurance. Hong Kong’s life insurance market is comprised of individual life products, retirement contracts, group life insurance and annuity products. A dip in policy sales was attributed to the movement restrictions between Hong Kong SAR and mainland China. On 17 December 2020, Hong Kong's Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) published its Strategic Plan to Strengthen Hong Kong's Financial Ecosystem to Support a Greener and More Sustainable Future (Strategic Plan). If finding exceptional talent for your business is a key challenge or if you want to take your workforce ready for the future of work, please get in touch with us. – The insurance market consists of the non-life and life insurance sectors. This places Hong Kong firmly as the region’s most-developed insurance market, in terms of D&O claims experience. A dip in policy sales was attributed to the movement restrictions between Hong Kong SAR and mainland China. Only 20% of the respondents intend to form a new valuation model for the HKRBC, which is unexpected considering that the proposed quantitative impact studies require a very different capital and liability assessment compared to the current CAP 41 regulations 2.