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
Delivery time: 1-2 business days
|Strategic Market Intelligence: Reinsurance in Hong Kong - Key trends and Opportunities to 2022|
|Published: June 28, 2019||Content info: 31 Pages||
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.
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
This report provides a comprehensive analysis of the reinsurance segment in Hong Kong -