Soaring to greater heights
Source: Asia Insurance Review | Jul 2014
Hong Kong's life business accounting for 85% of total insurance premium pie, grew by almost 20% in new business to US$93 billion driven by strong demand for a range of protection, long-term savings and retirement solutions amidst rising affluence and a rapidly ageing population, and healthcare reforms.
The non-life business grew 7.1% last year to US$5.4 billion while competition remains keener than ever with the aggressive rush for market share. Prospects look weak as the twin growth drivers of yore - employee compensation and accident & health - remain in the midst of a soft cycle.
And with the move towards an independent insurance supervisor, all eyes are on regulations.
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