Hong Kong: AXA and Zurich remain largest insurers by GWP in 2014
Source: Asia Insurance Review | Apr 2015
Statistics released by the Office of the Commissioner of Insurance (OCI) reveal that little has changed in the landscape of the Hong Kong general insurance industry since last year, with AXA and Zurich remaining the two largest Property & Casualty insurers in Hong Kong for the second consecutive year in terms of GWP.
The provisional full-year 2014 figures from the OCI show that AXA remained the largest general insurer in Hong Kong in terms of GWP at HK$3.65 billion (US$470 million), with an 8.3% market share, followed by Zurich with HK$2.66 billion (6.1%).
QBE moved up one spot in the rankings from last year to emerge as the third largest insurer in terms of GWP at HK$2.4 billion with a market share of 5.5%. Bupa (5.4%), and China Taiping (4.7%) respectively secured the fourth and fifth positions.
These rankings remain largely unchanged from last year’s, which saw AXA and Zurich top the rankings, with a market share of respectively 8.3% and 6.2%, followed by Bupa (5%), QBE (4.9%) and Bank of China (4.2%).
In terms of underwriting profitability, QBE topped the rankings during the year 2014 with an 11% market share, gaining two spots from last year. CNOOC insurance came out second (9.6%), Hong Kong Mortgage Corporation third (8.5), while AXA (6.2%) and Lloyds (4.1%) emerged respectively as the fourth and fifth companies with the highest market share in terms of underwriting income.
Mr David Fried, CEO, Emerging Markets, QBE Insurance Group said: “We are proud to be ranked number one in Hong Kong this year. Our significant expansion in Hong Kong and around the region reflects the successful and continued implementation of our Asia Pacific profitable growth strategy.”