Ken Research has announced recent report titled, “Governance, Risk and Compliance – The Hong Kong Insurance Industry” which provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Hong Kong. This report provides an overview of the insurance regulatory framework in Hong Kong and the latest key changes, and changes expected in the country’s insurance regulatory framework along with key regulations and market practices related to different types of insurance products in the country.
It gives a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance and studies well the key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
It analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country and also provides the details of taxation imposed on insurance products and insurance companies.
Hong Kong has had one of the most developed insurance markets in the region, with the per capita insurance premium standing at high levels and also the country has managed to attract many of the world’s top insurance companies. The regulatory body that supervised and regulated the insurance industry in Hong Kong had long been OCI though now, the government of Hong Kong has forwarded a proposal to establish the Independent Insurance Authority (IIA), replacing the OCI as the country’s insurance regulator.
The leading insurers by overall gross premiums in 2014 had been AXA General Insurance Hong Kong, Zurich Insurance Company Ltd, Bupa (Asia) Limited, China Taiping Insurance (HK) Company Limited, Bank of China Group Insurance Company Limited, QBE-HKSI Limited, AIG Insurance Hong Kong Limited, CNOOC Insurance Limited, Asia Insurance Company Limited, and AXA China Region Insurance Company Limited.
Now the reinsurers are not required to seek authorization to carry out operational activities in Hong Kong and a cherry on the top i.e. 100% foreign direct investment is permitted in the insurance industry that is allover expected to boost the industry’s performance. On the other hand, Composite insurance is not permitted in the country due to fears of extreme losses.
Hong Kong had 161 authorized insurers as of end-June 2016, about half of which were incorporated overseas and among the overseas-incorporated insurers, Bermuda, the US and the UK had taken the lead. This number is definitely forecasted to ascend in the coming years with rising CAGR of the industry each year it proceeds.
Key Factors Considered in the Report
Global Insurance Industry Research
Hong Kong Insurance Industry Research
Hong Kong Non-Life Insurance Industry
Hong Kong Life Insurance Market
Hong Kong Life Insurance Market Research
Life Insurance Sector Trends Hong Kong
Hong Kong Insurance Industry Regulations
Hong Kong Insurance Market Competition
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Ankur Gupta, Head Marketing & Communications