Hong Kong life Insurance Market Statistics and Future Outlook: Ken Research

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The life insurance market in Hong Kong has many players, but the market shares are majorly held by three insurance giants. In 2016, these three insurers- AIA, China life, Prudential- accounted for more than half of all the premium revenues collected in the industry. The way to survival will be to consolidate the smaller firms to survive the competition. These are the trends that are observed as well in the life insurance market of Hong Kong. The number of mergers and acquisitions are set to increase due to the tough competition and availability of abundant buyers in the market.

The latest development in the market is AXA and MassMutual who sold their life insurance units in the city; MetLife expected to be the next online. Though there are many players keen to invest in the life insurance market of Hong Kong, the most viable option will be to purchase an existing, operating company due to the difficulties in obtaining insurance licenses in Hong Kong. Though the rules are strict for purchasing insurance companies, experts believe they will be relaxed in the future.

According to the report Strategic Market Intelligence: Life Insurance in Hong Kong-2017 gives a comprehensive analysis of the Hong Kong life insurance market in the review period of 2012-2016 and also on forecast period of 2016-2021. The report offers a detailed analysis of various segments of Hong Kong’s life insurance market and compares it with its counterparts. The report gives analysis on various distribution channels, risk governance and its impact on life insurance in the country. This report will help in making strategic decisions based on forecasted data and helps in identifying competitive dynamics in the life insurance market. The key competitors in the life insurance market segment of the country are Prudential Hong Kong Ltd, AIA International Ltd, China Life Insurance (Overseas) Company Ltd, HSBC Life (International) Ltd, Manulife (International) Ltd, BOC Group Life Assurance Company Ltd, Axa China Region Insurance Company (Bermuda) Ltd, FWD Life Insurance Company (Bermuda) Ltd, Hang Seng Insurance Company Ltd and Sun Life Hong Kong Ltd.

Though mergers and acquisitions are an easy way to battle the competition existing in the market, it is not the only reason companies are looking for mergers and acquisitions. Certain global players who are struggling in global levels are planning to exit the market; few companies are also selling their stakes to partners to expand and diversify to reach a wider market.

To know more, click on the link below:-

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/life-insurance-hong-kong/156710-93.html

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