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Hong Kong Insurance Report |
Was: $1030.00 | |
| Now: $875.00 | ||
| You save: $155.00 (15%) |
The Hong Kong Insurance Report
- Independent 5-year insurance industry forecast for Hong Kong .
- Original insurance market research and insurance sector trend analysis for Hong Kong ’s insurance industry.
- Competitive intelligence, regional insurance company rankings and SWOT analyses on international and domestic insurance companies in Hong Kong .
The Hong Kong Insurance Report has been researched at source and features latest available data for annual insurance premiums and claims; assets and investments; 5-year insurance industry forecasts for Hong Kong through end- ; insurance company rankings and competitive landscapes for local insurers and multinational insurance subsidiaries in Hong Kong ; and analysis of the latest insurance industry developments, trends and regulatory changes in Hong Kong .
Business Monitor International's Hong Kong Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Hong Kong insurance industry.
Coverage
Hong Kong Insurance Sector At A Glance
Key insights into the insurance market, covering industry trends, key players and the regulatory environment, plus snapshots of life and non-life premium values in local currency and US$.
Evolution of the Hong Kong Insurance Market
Analysis of recent developments in the local insurance market, including data on life and non-life premium values, density and penetration, dating from 1998.
BMI 5-Year Industry Forecasts for Hong Kong
Analysis of market growth drivers, including 5-year projections (to end- ) for premium values. Forecasts section also includes BMI risk ratings on local economy, politics and business environment. Industry indicators covered include:
Number of life and non-life insurance companies; total and per capita Property/Casualty premiums and claims; total and per capita Life/Health premiums and claims; total premium income; total claims/expenses; total operating expenses; total assets and investments; industry density (per capita premiums) and penetration (premiums as a portion of GDP)
BMI 5-Year Macroeconomic Forecast for Hong Kong
BMI forecasts for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.
Insurance Company Rankings in Hong Kong
Comparative company analyses and rankings by premium income (life and non-life).
Insurance Industry Competitive Landscape in Asia
A cross-border overview of key players and their market share across the region. Tables and graphs show country presence of multinationals throughout the region.
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Hong Kong Insurance Report |
Was: $1030.00 | |
| Now: $875.00 | ||
| You save: $155.00 (15%) |
Chapter - The Sector At A Glance |
| Table: Overview Of Hong Kong'''s Insurance Sector |
| Key Insights On Hong Kong'''s Insurance Sector |
Chapter - SWOT Analysis |
| Hong Kong Insurance Industry SWOT |
| Hong-Kong Political SWOT |
| Hong-Kong Economic SWOT |
| Hong-Kong Business Environment SWOT |
Chapter - Development Of BMI'''s Insurance Reports |
| Comment ''“ The Global Financial Crisis |
| Table: Selected European Countries: Budget And Current Account, 2008 (as % of GDP) |
| Revision Of Data And Forecasts |
Chapter - Projections And Forecasts |
| Table: Premiums, 2006-2013 |
| Projections And Drivers Of Growth |
| Table: Growth Drivers, 2006-2013 |
Chapter - Country Update |
| Macroeconomic Outlook |
| Economic Activity |
| Fiscal Policy |
| Monetary Policy |
| Balance Of Payments |
| Table: Hong Kong ''“ Economic Activity |
| Political Outlook |
Chapter - Insurance Business Environment Rating |
| Table: Hong Kong ''“ Insurance Business Environment Indicators |
| Table: Asia ''“ Insurance Business Environment Rankings |
Chapter - Regional Context |
| Table: Non-Life Premiums In A Regional Context, 2008 |
| Table: Life Premiums In A Regional Context, 2008 |
| Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006 |
Chapter - Analysis Of Competitive Conditions |
| Regional Overview |
Chapter - Company Profiles |
| AEGON |
| AIG |
| Allianz |
| Aviva |
| AXA |
| Cardif |
| Fortis |
| Generali |
| Groupama |
| HDI-Gerling |
| HSBC Insurance |
| ING |
| Liberty Mutual |
| Manulife |
| MetLife |
| Prudential Financial |
| Prudential Plc |
| QBE |
| RSA |
| Sun Life Financial |
| The Hartford |
| The Principal |
| Zurich |
Chapter - Methodology |
| Basis Of Projections |
| Insurance Business Environment Rating |
| Table: Insurance Business Environment Indicators And Rationale |
| Table: Weighting Of Indicators |
Chapter - Country Snapshot: Hong Kong Demographic Data |
| Section 1: Population |
| Table: Demographic Indicators, 2005-2030 |
| Table: Rural/Urban Breakdown |
| Section 2: Education And Healthcare |
| Table: Education, 2002-2005 |
| Table: Vital Statistics, 2005-2030 |
| Section 3: Labour Market And Spending Power |
| Table: Employment Indicators, 2001-2006 |
| Table: Consumer Expenditure, 2000-2012 (US$) |
| Table: Average Annual Wages, 2005-2012 |
|
Hong Kong Insurance Report |
Was: $1030.00 | |
| Now: $875.00 | ||
| You save: $155.00 (15%) |
The near-term outlook for Hong Kong's trade-based economy is decidedly grim. With global economic headwinds continuing to gather at an alarming pace, it looks set to be buffeted by slowing global demand, more violently than initially anticipated. In particular, the services sector, which had held up relatively well in Q308, is expected to show sharp declines in the coming quarters as demand for trade and financerelated services falter. We have further lowered our forecast for GDP growth in 2009 to -3.6%, and anticipate a mild recovery in 2010.
Under our core views, we are forecasting the US economy to contract by 2.3% in 2009, while Asia's powerhouse – China – will see growth slow sharply from 9.0% in 2008 to just 5.6%. The phenomenon is widespread as recent data releases suggest that other nations in the region have also been severely affected. Notably, global trade figures across the world have come down sharply in late 2008 and at the start of 2009, with many Asian countries registering double-digit declines in exports. The worst hit nations include Singapore, Taiwan, South Korea and Japan, and we expect Hong Kong to perform along similar lines.
Indeed, Hong Kong became the second Asian economy behind Singapore to officially enter recession, after real GDP contracted by a seasonally adjusted 0.5% quarter-on-quarter (q-o-q) in Q308 to compound the 1.4% decline recorded in the previous quarter, according to the Census and Statistics Department. The available data indicates that the slowdown in GDP growth had begun as early as Q108 and became worse in the subsequent quarters. As a broad measure of comparison, real GDP growth decelerated sharply from 7.3% year-on-year (y-o-y) in Q108, to 4.2% in Q208 and 1.7% in Q308.
We expect the downtrend to continue over the coming quarters, with very limited scope for a quick recovery. Accordingly, we have also lowered our forecast for Hong Kong's full-year GDP growth for 2009 from -2.2% to -3.6%. Given that we foresee the global economy remaining weak in 2010, Hong Kong's recovery will be mild.
Hong Kong is the world's most services-oriented economy, with the sector making up over 90% of GDP. However, the services sector, which had performed relatively better than the other sectors in Q308, looks set to plunge sharply.
Hong Kong's budget deficit will widen sharply in FY2009/10 (April-March), as expenditures remain robust due to more measures to prop up employment, while revenues are expected to decline. However, the government should have more than sufficient fiscal reserves to fund its increased expenditure.
The Hong Kong Monetary Authority (HKMA) continued to cut rates aggressively in Q408, mimicking the aggressive easing conducted by the US Federal Reserve. However, with the base rate now set so close to zero, the HKMA is likely to turn to more unconventional methods of monetary easing in the coming months. Yet, despite their best efforts, we continue to believe the authorities will fall short in their pursuit of halting the economic downturn, and therefore we have further reduced our growth forecast for 2009 to -3.6%.
Hong Kong's balance of payments surplus will be eroded over the coming year as global trade stalls, leading to sharp falls in external demand for services. Likewise, both direct and portfolio flows should fall as uncertainty continues to dog the medium-term outlook of the global economy.
In the Asia Pacific, we profile 23 companies. These are AEGON, AIG, Allianz, Aviva, AXA, Cardif, Fortis, Generali, Groupama, HDI-Gerling, HSBC Insurance, ING Group, Liberty Mutual, Manulife, MetLife, Prudential Financial, Prudential plc, QBE, RSA, Sun Life Financial, The Hartford, Principal Financial Group and Zurich Financial Services.
We estimate that, over the course of 2008, total premiums in Hong Kong rose by 8% to HKD212,314mn. Non-life premiums rose by 11% to HKD27,014mn, while life premiums rose by 7% to HKD 185,300mn.
Between now and the end of the forecast period, we expect that annual non-life premiums will grow by HKD6,747mn, while annual life premiums should increase by HKD25,021mn. Growth in non-life premiums should be driven by the general growth in nominal GDP plus a rise in non-life penetration from the current level of 1.55% to 1.60%. Growth in life premiums should be driven by the change in the overall population and a rise in life density from US$3,258 to US$3,500 per capita.
BMI’s Insurance Business Environment Rating is 76.5.
|
Hong Kong Insurance Report |
Was: $1030.00 | |
| Now: $875.00 | ||
| You save: $155.00 (15%) |
Africa |
| Algeria, Egypt, Libya, Morocco, Nigeria, South Africa and Tunisia |
Asia |
| Australia, China, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam |
Caribbean |
| Bahamas, Barbados, Bermuda, Dominican Republic, Jamaica and Trinidad & Tobago |
Europe |
| Bulgaria, Croatia, Czech Republic, Estonia, Germany, Greece, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine and United Kingdom |
Latin America |
| Argentina, Brazil and Mexico |
Middle East |
| Bahrain, Iran, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Turkey and United Arab Emirates |
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