Macau: Life insurance premiums surge by 61% in Jan-Sep 2016
Source: Asia Insurance Review | Jan 2017
Life insurers saw their total premiums soar by 61% year-on-year for the first three quarters of last year to MOP14.8 billion (US$1.9 billion), according to data released by the Monetary Authority of Macau (AMCM).
The surge in life insurance premiums is attributed largely to insurance purchases by mainland Chinese visitors, industry sources say.
Non-life insurers saw their gross premium increase by 2.33% to MOP1.75 billion for January to September last year, taking total gross premiums for the period for the insurance industry as a whole to MOP16.5 billion.
Meanwhile, gross claims for life insurers totalled MOP2.1 billion for the first nine months of last year, an increase of 5.4%. Gross claims totalled MOP549.5 million for non-life insurers, a marginal decrease of 0.4% for the corresponding period in 2015.
For the first three quarters of last year, China Life Insurance (Overseas) retained its dominance in the life insurance market, with total gross premiums surging 82.9% to MOP10.1 billion, accounting for 68.2% of the sector. The non-life insurance market was led by China Taiping Insurance (Macau) which posted premiums of MOP494.8 million, accounting for 28.2% of the sector.