Axco Releases Updated Hong Kong Non-Life (P&C) Insurance Market Report

To ensure the most relevant and up-to-date information is available to its clients, Axco has updated its non-life insurance market report for Hong Kong this month with fresh information and unique analysis. The report contains must-know information such as the country’s non-admitted position, crucial tax and compliance information and breakdowns of the market’s key lines of business. It also contains the latest market statistics.

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Key insight…

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. Although D&O rates are expected to continue rising sharply into 2021, rate increases for other lines were already slowing in the second half of 2020, partly as a result of pressure from clients whose businesses have been impaired by COVID restrictions. The market may well shrink in 2021 due to business closures, reduced sums insured and reduced wage roll estimates, all flowing on from the recessionary economic environment. Insurers' problems on the income side are likely to be compounded by rising reinsurance premiums on the costs side.

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Axco’s insurance market reports offer a uniquely detailed and comprehensive insight into the global non-life (P&C) insurance industry, combining the legislative and regulatory requirements, insurance market developments, and insurance market statistics of not only Hong Kong but also of over 170 territories worldwide. Reports are set out market by market and follow an easy to navigate, consistent format for ease of use.

Axco is the leading supplier of global insurance market information with over 55 years of experience in researching and publishing industry intelligence on insurance, risk and employee benefits.