Hong Kong Insurance Market Analysis and Growth Report, 2018
Hong Kong Insurance Market Analysis and Growth Report, 2018

Report Summary:

researchFOLKS’ ’‘Hong Kong Insurance Market Analysis” report offers a retrospective analysis of trends and events occurred in the industry in the recent few years with forward looking statements and also a comprehensive view on the impact of growing customer data volume and technology adoption in the industry. The report also provides accurately validated market statistics of both life and non-life segments along with the future projections till 2022. 

Technology, connectivity and internet usage has revolutionized the industry and offering huge growth opportunities for the insurers, which is encouraging them to pursue innovation with data and technology providers in order to improve their capabilities and product offerings. However, this has created evolving risks from cyber threats. In our report, we pinpoint how the insurers are responding to changing technology landscape and addressing cyber related issues in greater detail.

Our report also touches on various innovative distribution channels adopted by insurers, market growth drivers, emerging technologies in the market and industry benchmarking with other peer countries and their relative market positioning for both life and non-life business segments. In addition, the report also touches on regulatory framework, and broader implications of regulatory policy changes on insurance market.

Insurance Market in Hong Kong - Highlights of the report:

Hong Kong Independent Insurance Agency (IA), came into existence in June 2017 is encouraging the insurance companies in Hong Kong to develop innovative solutions and rapidly penetrate the market. IA also increased the demand for future compliance, risk and potential reforms planning among the insurers to combat any financial crisis.

The low adoption of digitalization and InsurTech in the country is offering more growth potential for the insurance companies in the region. Skilled human talent is in demand among the insurance industry to play significant roles in customer experience, digital products and sales, and effective marketing strategies. Traditional distribution is the most preferred sales channel compared to online sales in Hong Kong.

According to the calculations of The Insurance Authority of Hong Kong, the gross premiums of insurance industry accounted for USD236.7 billion in the first six months of 2017, with an increase of 14.1% compared to 2016. The revenue premiums for long-term in-force business, Individual Life and Annuity (both linked and non-linked), and Retirement Scheme revenues have witnessed a positive growth rate compared to the previous year.

The launch of flagship programmes Sandbox and Fast Track in 2017 by the Insurance Authority of Hong Kong has benefitted the insurance companies to migrate from their traditional systems to insurTech in a more compelling environment. The adoption rate of 32% for insurTech poses a great opportunity for the insurers to explore more potential.

The implementation of new regulations will encourage insurers to merge the technology in their processes like the use of chatbots in distribution channels and Internet of things (IoT) for collecting the user information, which can improve the risk identification system and provide cost-efficient services to the customers.

List of Companies mentioned in the report:

    • FWD Hong Kong
    • Bupa
    • MetLife
    • Prudential (HK) Life 
    • AIA International
    • China Life
    • Manulife
    • HSBC Life

Scope of the report:

    • The overview of insurance industry market and comprehensive analysis of the market drivers
    • It provides conventional and contemporary information about insurance market and predictions till 2022
    • It details the emerging technologies and various distribution channels adopted by insurers to improve the customer base and their economic, regional and business impact on the overall industry
    • Opportunities presented by Insurtech startups to the insurers, investment in Insurtech companies and key trends to watch in Insurtech market
    • Detailed information about existing market leaders, their strategies and government policies driving insurance market

Key Questions answered by the report:

    • What is the penetration rate of life and non-life insurance business segments; and the futuristic overview?
    • Who are the leading insurers in the market and what strategies they are adopting to maintain leadership positions?
    • What are the growth opportunities provided by the alternative distribution channels to the insurance market?
    • How are the emerging technologies and new product launches affecting the local insurers of the country?

Reasons to purchase this report:

    • Enhance the decision-making with the comprehensive information about trends, conventional statistics, and forecast for next five years
    • Understand the competitive landscape in the insurance industry and their marketing strategies
    • Unfold hidden growth opportunities with the use of data about emerging transitions in the market and customer transactional behaviors
    • Broaden the insight about regulatory policies and frameworks that impact insurance industry market
Table of Contents:

1. Definitions

2. Research Methodology

2.1 Research Process

2.1.1 Market Sizing

2.1.2 Competitor Analysis

2.1.3 Market Forecasting

2.1.4 Quality Control Process

3. Executive Summary

4. Industry Benchmarking with Peer Countries

5. Market Attractiveness

6. Regulatory Framework

7. SWOT Analysis

8. Porter’s Five Forces Analysis

9. InsurTech Landscape

10. Industry Enablers/Growth Drivers

11. Market analysis by business segment

12. Market Analysis by Distribution Channels

13. Key Industry Developments

14. Industry Outlook

15. Key Operators in the Market – Company Profiles

16. Appendix

16.1 Industry Stats


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