Hong Kong

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Hong Kong Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Hong Kong includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

Information for Hong Kong can be seen in:

Hong Kong is a special administrative region of China on the eastern Pearl River Delta in South China. It was ceded from Britain to China 1997. Hong Kong has one of the most open economies in the world, based mainly on financial services, tourism and trade with China.

Hong Kong was the world's 42nd largest non-life market in 2018. In 2019 non-life premium income amounted to HKD 24.83bn. PA and health, which are non-life classes, contributed further premiums of HKD 17.18bn. Non-life insurance penetration (including PA and health) was 1.47% of GDP, equivalent to USD 721 per capita.

Hong Kong has 91 non-life insurers and 21 composites. Apart from some local bancassurers, the market is largely foreign owned. Market concentration is unusually diffuse; the top five insurers had a collective share of only 33.6% in 2019. There are 13 professional reinsurers actively writing non-life business.