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Market Research Report

Strategic Market Intelligence: Reinsurance in Hong Kong - Key trends and Opportunities to 2022

Published by GlobalData Product code 692940
Published Content info 31 Pages
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Strategic Market Intelligence: Reinsurance in Hong Kong - Key trends and Opportunities to 2022
Published: June 28, 2019 Content info: 31 Pages
Description

The accepted total premium for the Hong Kong reinsurance market stood at HKD23.7 billion in 2017, registering a CAGR 14.6% during the review period (2013-2017). This is projected to reach HKD42.1 billion by 2022, at a CAGR of 12.2% during the forecast period (2017-2022). Facultative reinsurance accounts for the predominant share, at 97.5% of the total market size. This has been the case during the review period, showing a rise from the 95.6% share in 2013.

During the review period, the cession rate (share of premiums ceded in GWP) rose for select lines in general insurance, including personal accident and health, marine, aviation and transit, and liability. In case of life insurance, the cession rate shows a declining trend. However, considering the predominant share of life insurance in overall industry, the absolute value of premiums ceded registered a 7% growth.

The market is a concentrated one in case of general insurance. As of the end of 2017, of the 13 reinsurers which reported results, the top two reinsurers cornered almost 40% of the total business by GWP. As the regulator has no restriction on foreign ownership, there is a significant presence of foreign reinsurers. With policy initiatives planned for promoting Hong Kong as an insurance hub, a greater role of offshore business could be expected.

In 2018, Typhoon Mangkhut struck Hong Kong, along with others in the region, calculated as being more severe than those in 2017 and before. Insured losses are estimated at US$1 billion or more, mainly in property and business interruption claims. The case for parametric insurance is becoming stronger, with the recurring pattern and severity of typhoons and similar climate-related events. Swiss Re, for instance, has one such product customized for the occurrence of typhoons.

The report "Strategic Market Intelligence: Reinsurance in Hong Kong - Key trends and Opportunities to 2022", provides a detailed outlook by product category for the Hong Kong reinsurance segment. It provides values for key performance indicators such as premium accepted, premium ceded and cession rates, during the review period (2013-2017) and forecast period (2017-2022). The report gives a comprehensive overview of the Hong Kong economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together research, modeling and analysis expertise, giving reinsurers access to information on segment dynamics and competitive advantages, and profiles of reinsurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

The report provides -

  • Key insights into the dynamics of Hong Kong reinsurance industry
  • Comparison of Hong Kong reinsurance segment with regional counterparts, along with premium accepted, premium ceded trends and cession rates
  • A comprehensive overview of the Hong Kong economy, government initiatives, FDI, country risk, investment opportunities and enterprise structure
  • Hong Kong insurance regulatory framework's evolution, key facts, taxation regime, licensing and capital requirements
  • Hong Kong reinsurance industry's market structure giving details of premium accepted and premium ceded along with cession rates
  • Details of the competitive landscape, M&A and competitors' profiles

Companies mentioned: Taiping Reinsurance Company Limited, Peak Reinsurance Company Limited, Swiss Reinsurance Company Ltd, Asia Capital Reinsurance Group Pte. Ltd., Hannover Ruck SE, Munich Reinsurance Company, BC Reinsurance Limited, The Toa Reinsurance Company Limited, SCOR Reinsurance Company (Asia) Limited, BE Reinsurance Limited

Scope

This report provides a comprehensive analysis of the reinsurance segment in Hong Kong -

  • It provides historical values for the Hong Kong reinsurance segment for the report's 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key categories in the Hong Kong reinsurance segment, and market forecasts to 2022.
  • It profiles the top reinsurance companies in Hong Kong, and outlines the key regulations affecting them.

Reasons to buy

  • Make strategic business decisions using in-depth historic and forecast market data related to Hong Kong reinsurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Hong Kong reinsurance segment.
  • Assess the competitive dynamics in the reinsurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Hong Kong insurance industry, and their impact on companies and the industry's future.
Table of Contents
Product Code: GDIS1888MR

Table of Contents

  • Chapter 1 Executive Summary
  • Chapter 2 Economy Overview
  • Chapter 3 Regulatory Risk
    • Evolution
    • Key Facts
    • Licensing Requirements
  • Chapter 4 Reinsurance Overview
    • Premium Accepted Trend
    • Premium Ceded Trend
    • Cession Rates
  • Chapter 5 Competitive Landscape
    • Composition of Top Reinsurers
    • Reinsurers' Market Share
  • Chapter 6 Competitor Profiles
  • Chapter 7 Appendix
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