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Asian News - Macau: Life insurance market drives total premiums in 2015

Source: Asia Insurance Review | May 2016

Insurers in Macau raked in total gross premiums of MOP14.1 billion (US$1.76 billion) for 2015, up 58.3% year-on-year, fuelled by the local life insurance market, according to data released by the Monetary Authority of Macau (AMCM).
 
   Gross premiums from the life insurance sector surged by 73.6% to MOP12 billion last year while those of non-life insurers registered a 6.4% increase to MOP2.08 billion. The non-life sector’s premiums primarily came from policies for property all risks and employee’s compensation, accounting for some 40% and 20.1% of the segment’s total, respectively, reported the Macau Business Daily.
 
China Life dominates life insurance market
In terms of gross premiums, China Life Insurance (Overseas) led Macau’s life insurance market, collecting premiums of MOP6.75 billion, or 56% of the segment total. AIA International earned gross premiums of MOP2.9 billion last year, for a life market share of 17.4%.
 
   China Taiping Insurance (Macau) Company led the non-life insurance market by generating total gross premiums of MOP605.2 million, accounting for 29% of the sector total.
 
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