Insurances - Hong Kong

Hong Kong

The Insurances market in Hong Kong is projected to reach a market size (gross written premium) of €76.12bn in 2024.
Life insurances dominate the market with a projected market volume of €66.76bn in 2024.
The average spending per capita in the Insurances market is expected to amount to €10.15k in 2024.
When compared globally, the United States is expected to have the highest nominal value, reaching €3,477.0bn in 2024.
The gross written premium is projected to have an annual growth rate (CAGR 2024-2029) of 2.28%, resulting in a market volume of €85.19bn by 2029.
In global comparison, the United States will generate the most gross written premium in 2024, reaching €3,477.0bn.
Hong Kong's insurance market is experiencing a surge in demand for health insurance due to an aging population and rising healthcare costs.

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Analyst Opinion

In recent years, the Insurances market in Hong Kong has experienced significant growth and transformation. Customer preferences in the insurance market in Hong Kong are shifting towards more personalized and digital solutions, reflecting global trends in the industry. Customers are increasingly seeking tailored insurance products that meet their specific needs and lifestyle choices. The demand for convenience and efficiency has also led to a rise in online insurance purchases and digital insurance platforms. Trends in the market in Hong Kong are influenced by the unique characteristics of the region. The growing awareness of the importance of insurance coverage, especially in terms of health and retirement planning, has driven the demand for various insurance products. Additionally, the increasing focus on wealth management and asset protection has led to the popularity of investment-linked insurance products among customers in Hong Kong. Local special circumstances, such as the city's status as a global financial hub and its proximity to mainland China, play a significant role in shaping the insurance market in Hong Kong. The presence of a large expatriate population and high-income individuals has created a diverse customer base with specific insurance needs. Moreover, the regulatory environment in Hong Kong, known for its robust consumer protection measures, has fostered trust and confidence in the insurance industry. Underlying macroeconomic factors, including steady economic growth, low unemployment rates, and a strong regulatory framework, have contributed to the overall stability and growth of the insurance market in Hong Kong. The government's initiatives to promote financial literacy and awareness have also played a key role in driving the demand for insurance products among the population. Overall, the Insurances market in Hong Kong is evolving to meet the changing needs and preferences of customers, driven by digitalization, tailored solutions, and a supportive regulatory environment.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.