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Asia-Pacific Niche Insurance Markets

Product Type: Market Research Report
Published by: Global Industry Analysts
Published: March 2008
Product Code: R263-3402
Description
The Asia-Pacific Niche Insurance Markets Report provides insightful analysis, market overview, industry structure and outlook of insurance industry in Hong Kong and Singapore. Laden with quantitative analysis, the report also provides the reader with an exhaustive statistical preface to the industry in these countries. Get to know about various types of life and non-life insurance products in the regional markets, backed by statistical inference of key players in these markets. The closely summarized market report is designed to offer a broad, macro level picture of the trends, challenges, market structure/basics, recent mergers & acquisitions, and strategic corporate developments witnessed by the industry in respective countries. The report also peeps into the recent past/ historical perspective of these markets and corporate developments within the industry. A regional level discussion also looks into the leading companies’ footing in these markets along with their annual written premiums and/ or market shares. The report discusses and profiles several key and niche players like American Home Assurance Company, Great Eastern Holdings Ltd., and NTUC Income.

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Table of Contents
HONG KONG


1. Market Overview


Insurance Sector Representation


Table 1: Hong Kong Recent Past, Current & Future Analysis for


Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Million for the Years 2005 through 2009 (includes


corresponding Graph/Chart)






Table 2: Hong Kong 5 -Year Perspective for Insurance Industry


by Segment - Percentage Breakdown of Premium Income for Life


and Non-Life Markets for 2005, 2007 and 2009 (includes


corresponding Graph/Chart)






Table 3: Insurance Industry in Hong Kong (2006): Per Capita


Premium in US$ and Premium as % of GDP by Category - Life and


Non-Life


Industry Snapshots


Table 4: Hong Kong Insurance Industry (2000-2004): Insurance


Penetration in % for Life and Non-Life Sectors (Premium/


GDP) (includes corresponding Graph/Chart)






Table 5: Hong Kong Insurance Industry (2000-2004): Life and


Non-Life Insurance Density (Premium/POP) (In ‘000 HK$)


(includes corresponding Graph/Chart)


A Leading Insurance Market in Asia-Pacific


Insurance Demand to Grow Strongly in Hong Kong


Market Penetration


Long Term Insurance Sector Growing Steadily


Sun Life Financial Completes the Acquisition of CMG Asia


CEPA Agreement Sparks Growth in Hong Kong Insurance Market


Multi-Channel Distribution Grows in Popularity


2. Market Segmentation


Accident and Health


Employees’ Compensation


Engineering


Liability


Marine


Motor


Property


3. Insurance Business in Hong Kong - The Prerequisites


Solvency Requirement


Authorization


Regulatory Climate


Functions and Powers of the Insurance Authority


Regulation of Intermediaries


4. Insurance Service Providers


Table 6: Hong Kong Insurance Industry (2004): Number of


Insurance Service Providers by Type for General Insurance,


Long Term Insurance, and Composite (includes corresponding


Graph/Chart)


Strong Foothold of Foreign Insurers


Captive Insurance - Key Market Participant


5. Review of Key Sectors


5a. Life Insurance


Table 7: Hong Kong Life Insurance Industry (2006 & 2007):


Percentage Breakdown of Gross Written Premiums by Policy Type


for Non-linked Insurance and Linked Insurance






Table 8: Hong Kong Life Insurance Industry (2006 & 2007):


Percentage Breakdown of Gross Written Premiums by Policy Type


for Individual Life, Group Life, Retirement Scheme, and


Annuity & other (includes corresponding Graph/Chart)


Life Insurance Industry - A Recent Past Perspective


Table 9: Hong Kong Life Insurance Industry (2000-2004):


Individual Life Premium in $ Billion (includes corresponding


Graph/Chart)


Market Players


Table 10: Hong Kong Life Insurance Industry (2004): Premium


Revenue in US$ Billion and Percentage Value Breakdown of


Leading Insurance Companies for AIA, HSBC Life, Manulife,


Prudential, AXA, China Life, Winterthur Life, Hang Seng Life,


Royal Skandia Life and BOC Group Life (includes corresponding


Graph/Chart)






Table 11: Hong Kong Life Insurance Industry (2003): Gross


Written Premium in US$ Million by Leading Companies for AIA


(Bermuda), Manulife, HSBC Life, Prudential (UK), AXA China


(Bermuda), Hang Seng Life, Winterthur Life, CMG Asia, Royal


Skandia Life, and ING Life (includes corresponding


Graph/Chart)






Table 12: Top-Five Players in the Life Insurance Industry of


Hong Kong (2002) - Gross Written Premiums in US$ Million for


AIA (Bermuda), Manulife (International), HSBC Life, AXA China


(Bermuda), and Prudential (UK) (includes corresponding


Graph/Chart)


5b. General/ Non-Life Insurance


Market Players: Non-Life


Table 13: Leading Players in Hong Kong General Insurance


Market (2005): Percentage Breakdown by Company -ACE, American


Home, Asia Insurance, AXA General, BOC Group Insurance, HSBC


Insurance, Ming An, QBE HKSI, Wing Lung, Zurich Insurance,


and Others (includes corresponding Graph/Chart)






Table 14: Hong Kong Non-Life Insurance Industry (2003):


Gross Written Premium in US$ Million by Leading Companies


for BOC Group Insurance, American Home, Ming An, HSBC


Insurance, Asia Insurance, QBE HKSI, Wing Lung, AXA General,


Falcon Hong Kong, and CGU (includes corresponding


Graph/Chart)






Table 15: Top-Five Players in the Non-Life Insurance


Industry of Hong Kong (2002) - Gross Written Premium in US$


Million for Ming An, Bank of China Group, American Home, QBE


HKSI, and HSBC Insurance (includes corresponding Graph/Chart)


6. A Historic Perspective


Recovery Amidst Economic Stagnancy


General Insurance Industry Stages Revival from Losses


Healthcare Insurance Quadruples


Life Insurance: The Dominant Sector


Table 16: Life and Non-Life Insurance as a Percentage of GDP


in Hong Kong: 1994-2003 (includes corresponding Graph/Chart)


Impact of China’s Accession to WTO


7. Recent Industry Activity


Zurich to Set-Up New Business Unit in Asia-Pacific


Fortis to Acquire Pacific Century Insurance


MetLife to Acquire MetLife Fubon


BOC Hong Kong to Acquire Majority Shares of BOC Group


AXA Takes Over Two Insurers in Asia


Radian Insurance to Commence Operations in Hong Kong


8. Focus on Select Players


Bank of China Group Insurance Co. Ltd.


Ming An Insurance Co., Ltd.


The Prudential Assurance Co. Ltd.


SINGAPORE


1. Market Overview


Insurance Sector Representation


Table 17: Singapore Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life


Markets Independently Analyzed with Annual Premium Income in


US$ Million for the Years 2005 through 2010 (includes


corresponding Graph/Chart)






Table 18: Singapore 6 -Year Perspective for Insurance


Industry by Segment - Percentage Breakdown of Premium Income


for Life and Non-Life Markets for 2005, 2008, and 2010


(includes corresponding Graph/Chart)






Table 19: Insurance Industry in Singapore (2006): Per Capita


Premium in US$ and Premium as % of GDP by Category - Life and


Non-Life


Singapore: Among the Most Prominent Reinsurance Centers


Steps in the Right Direction


Government’s Support Fuels Growth in Insurance Sector


Tax Incentive Scheme for Overseas Insurance Businesses


Tax Exemption Scheme for Offshore Marine Hull & Liability Insurance Business


Abolition of Withholding Taxes on Financial Guarantee Insurance Contracts


Scheme for Tax-Deductible Special Reserves


2. Regulatory Environment


Margin of Solvencies and The Prerequisites


The Monetary Authority of Singapore (MAS)


Powers of MAS


Regulations for Insurance Intermediaries


3. A Peek into the Market Figures


Table 20: Insurance Industry in Singapore (2005): Gross


Premiums of Singapore Insurance Fund Business in SG$ Million


by Category - Cargo, Fire, Health, Hull and Liability, Motor,


Personal Accident, Workmen Compensation, and Miscellaneous


(includes corresponding Graph/Chart)






Table 21: Insurance Industry in Singapore (2005): Gross


Premiums of Offshore Insurance Fund Business for Direct


Insurers, Reinsurers, and Captive Insurers in SG$ Million by


Category - Cargo, Property, Hull & Liability, and Casualty &


Others (includes corresponding Graph/Chart)






Table 22: Insurance Industry in Singapore (2005): Percentage


Breakdown of Gross Premiums of Offshore Insurance Fund


Business for Direct Insurers, Reinsurers, and Captive Insurers


by Category - Cargo, Property, Hull & Liability, and Casualty &


Others (includes corresponding Graph/Chart)






Table 23: Insurance Industry in Singapore (2001-2003): New Insurance Business in SG$ Million






Table 24: Insurance Industry in Singapore (2001-2003): Percentage Breakdown of Insurance Business






Table 25: Insurance Industry in Singapore (2001-2003): In-Force Insurance Business in SG$ Million


4. Segmental Perspective


4a. Life Insurance


Ageing Population to Drive Demand for Pension and Medical Insurance


Life Insurance Market - A Recent Past Perspective


Health Insurance - Growth of Healthcare Cost


Revision of the Medical Benefits


Market Leaders


Table 26: Life Insurance Industry of Singapore (2003): Gross


Written Premium in US$ Million by Leading Companies for AIA,


Great Eastern Life, Prudential, NTUC Income, AVIVA, OAC, John


Hancock, AXA Life Singapore, Asia Life, and Manulife


(includes corresponding Graph/Chart)






Table 27: Life Insurance Industry in Singapore (2002):


Leading Players Ranked by Gross Written Premium in US$


Million for AIA, Great Eastern Life, Prudential, NTUC Income,


and AVIVA (includes corresponding Graph/Chart)


4b. Non-Life/General Insurance


Table 28: Singapore General Insurance Market (2006 & 2007):


Percentage Breakdown of Premiums by Product Category for


Motor, Marine & Aviation, Fire, Personal Accident, Health,


Workmen Compensation, and Miscellaneous Insurance (includes


corresponding Graph/Chart)


Non-Life Insurance Market - A Recent Past Perspective


Market Leaders


Table 29: Non-Life Insurance Industry of Singapore (2003):


Gross Written Premium in US$ Million by Leading Companies


for NTUC Income, American Home, AVIVA, SAGI-Captive 2, AXA


Singapore, India International, Mitsui Sumitomo AIA, China,


and Asia (includes corresponding Graph/Chart)






Table 30: Property & Casualty Insurance Market in Singapore


(2003): Percentage Breakdown of Direct Premium Received by


Company for NTUC Income, American Home, Aviva, AXA


Singapore, SAGI -Captive, India International, and Others


(includes corresponding Graph/Chart)






Table 31: Top-Five Players in the Non-Life Insurance


Industry of Singapore (2002) - Gross Written Premium in US$


Million for NTUC Income, American Home, Sagi-Captive, AXA


Singapore, and China (includes corresponding Graph/Chart)


5. Recent Industry Activity


Millea Acquires Asia General


6. Focus on Select Key Players


American Home Assurance Company


Great Eastern Holdings Ltd.


NTUC Income




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