Showing posts with label Global Non-Life Insurance Industry. Show all posts
Showing posts with label Global Non-Life Insurance Industry. Show all posts

Thursday, June 8, 2017

Non life insurance - a profitable business in Hong Kong: Ken Research

The Hong Kong economy is considered to have the highest degree of economic freedom in the world and is one of the leading international financial markets. It has one of the most effective taxation systems, a low level of corruption, a very strong banking and legal system and is the third largest recipient of FDI in the world. The FDI limit for the insurance sector is 100% which greatly improves the sector’s performance. Hong Kong is prone to natural disasters such as floods, storms, earthquakes and wildfires. This makes the insurance sector all the more important. Also, the country has high per capita insurance premium and is considered to be the most developed insurance market in the region.
According to the statistics as at 31 December 2016 provided by the Insurance Agents Registration Board ("IARB"), there were 2,482 insurance agencies, 63,148 individual agents and 26,835 responsible officers/technical representatives registered with the IARB. As at 31 December 2016, there were 160 authorized insurers in Hong Kong, of which 94 were pure non life insurers, 47 were pure long term insurers and the remaining 19 were composite insurers. General insurance sector recorded a modest growth in 2015, with total gross premiums increased by 5.4% to $45,983 million while underwriting profit decreased by 60.7% to $1,193 million.

There has been a decline in claims of non life insurance but inspite of the decline of claims experience, many of the business reported an underwriting profit. Huge profits were also registered by the Goods in Transit business and Accident & Health business. The two major classes of compulsory business, direct Motor Vehicle business and direct EC business had registered underwriting losses
AXA General Insurance Hong Kong, China Taiping Insurance (HK) Company Limited, Bupa (Asia) Limited, Zurich Insurance Company Ltd, Bank of China Group Insurance Company Limited, QBE Hong Kong & Shanghai Insurance Limited, AIG Insurance Hong Kong Limited, Blue Cross (Asia-Pacific) Insurance Limited, Chubb Insurance Hong Kong Limited and AXA China Region Insurance Company Limited had been the 10 leading insurers in Hong Kong.
According to the research report “Non-Life Insurance in Hong Kong, Key Trends and Opportunities to 2020”, the intermediaries between policy holders and the authorised insurers are the insurance agents and brokers. The insurance agents are affiliated with some or the other insurance company but the brokers are not contracted through any insurance company. As at end-June 2016, there were 2,482 insurance agencies and 56,809 individual agents registered with the Insurance Agents Registration Board, and 744 authorised insurance brokers who are the members of the approved bodies of insurance brokers, namely The Hong Kong Confederation of Insurance Brokers and Professional Insurance Brokers Association. The insurance sector is regulated by Office of the Commissioner of Insurance (OCI), which has set up a regulatory framework and guidelines for the insurers and insurance intermediaries.
Key Topics Covered in the Report:
Global Non-Life Insurance Industry
Hong Kong Non- Life Insurance Market Research
Non-Life Insurance Sector Trends Hong Kong
Hong Kong General Insurance Regulations
Motor Insurance Market Research Hong Kong
Property Insurance Sector Hong Kong
Health Insurance Demand Hong Kong
Hong Kong Automobile Industry Research
Hong Kong Four Wheeler Demand
To know more about the research report:
Related reports
Contact:         
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-124-4230204

Friday, February 24, 2017

Personal Accident And Health Insurance In Peru To Prosper: Ken Research

Ken Research has announced its distribution on, “Personal Accident and Health Insurance in Peru, Key Trends and Opportunities to 2020” which provides a detailed outlook by product category for the Peruvian life insurance segment, and a comparison of the Peruvian insurance industry with its regional counterparts.



The report portrays the top personal accident and health insurance companies in Peru, along with the outlines of the key regulations affecting them. It provides figures for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period and forecast period and properly analyzes the various distribution channels operating in the segment, gives a comprehensive overview of the Peruvian economy and demographics, and provides detailed information on the competitive landscape in the country.
It gets handy to structure strategic business decisions using in-depth historic and forecast market data related to the Peruvian personal accident and health insurance segment, and each category within it and also aids to comprehend the demand-side dynamics, key market trends and growth opportunities in the Peruvian personal accident and health insurance segment.
Key Market Dynamics
  • Personal accident insurance is a compulsion for people having professions such as mining and fishing i.e. which involves huge risk.
  • Health insurance had a major share in overall premium of the segment in year 2013 which was further followed by personal accident insurance and El Pacifico Peruano, one of the country's leading life and personal accident and health insurers, amplified by making a joint venture with Banmdica SA to jointly develop businesses in the Peruvian healthcare market in December 2014.
  • Insurance penetration of the personal accident and health segment improved and became 0.18% in 2015.
  • The segment’s growth has been an outcome of increased healthcare expenditure, changed regulatory reforms in the insurance industry and raised consumer awareness and it accounted for 9.3% of the overall insurance gross written premium in Peru in 2015.
  • In 2015, further a new accident insurance policy for children was introduced by Rimac Seguros y Reaseguros in order to increase the demand for the same in the market.
  • Rise in the healthcare expenditure and outbound travel are expected to expand personal accident and healthcare insurance levels ultimately leading to a huge success for this segment in the future.
Topics covered in the Report
  • Global Non-life insurance industry
  • Non-Life insurance sector trends Peru
  • Peru General insurance regulations
  • Health insurance market research Peru
  • Health insurance demand Peru
  • Personal Accident Insurance Industry Peru
  • Personal Accident Insurance Gross Written Premium Peru
  • Health Insurance Gross Written Premium Peru
  • Personal Accident Insurance market Research
  • Personal Accident Insurance market growth
  • Personal Accident Insurance market trends
  • Personal Accident Insurance market future
  • Personal Accident Insurance market analysis
  • Personal Accident Insurance market size
  • Personal Accident Insurance market ,
For more coverage click on the link below:
https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/personal-accident-health-insurance-peru-key-trends-opportunities/78829-93.html
Related links:
https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/personal-accident-and-health-insurance-in-colombia/2119-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/personal-accident-health-insurance-taiwan-key-trends-opportunities-2019/2156-93.html
Contact:
Ken Research
Ankur Gupta,
Head Marketing & Communications
query@kenresearch.com
+91-124- 4230204
www.kenresearch.com

Tuesday, February 7, 2017

Personal Accident And Health Insurance Demand In New Zealand: Ken Research

Ken Research has announced its distribution on, “Personal Accident and Health Insurance in New Zealand, Key Trends and Opportunities to 2020” which provides a detailed outlook by product category for the New Zealand personal accident and health insurance segment, and a comparison of the New Zealand insurance industry with its regional counterparts.
The report furnishes values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets and total investment income during the review period (2011-2015) and forecast period (2015-2020).
It gives a comprehensive overview of the New Zealand economy and demographics, and provides detailed information on the competitive landscape in the country.
It also includes the details of insurance regulations, and recent changes in the regulatory structure and offers a detailed analysis of the key categories in the New Zealand personal accident and health insurance segment, and market forecasts to 2020.
life-insurance-businesses
It helps to make strategic business decisions using in-depth historic and forecast market data related to the New Zealand personal accident and health insurance segment, and each category within it and enables the users to comprehend the demand-side dynamics, key market trends and growth opportunities in the New Zealand personal accident and health insurance segment.
Through this report, a user can properly gain insights into key regulations governing the New Zealand insurance industry, and their impact on companies and the industry's future as well as have access to proper analysis of the competitive dynamics.
Economic Outlook
With the introduction of the Insurance Prudential Supervision Act (IPSA) in 2010, all insurers were required to maintain consent with solvency standards and appropriate risk management policies in New Zealand.
Unsustainable levels of public spending on healthcare and an increase in healthcare costs have commenced the reforms in the health segment, further induced the government to behold the role of private insurance.
The personal accident and health segment reckoned for 32.7% of the industry's direct written premium in 2015.
The growth prospective of the segment drove competitors to develop their distribution channels, adopt cost control measures and collaborate with other businesses to expand their product portfolios and market reach.
On November 25, 2016, the Accident Compensation Corporation (ACC) increased the contribution of treatment providers by 2.2% and further this is expected to improve the prevailing number of insurance takers.
The personal accident and health insurance sector is expected to ameliorate at an ever growing CAGR year after year with increased awareness amongst the people and their evolving needs for getting insured against their lives which mean a lot to them.
Insurance will soon be treated as a tool to curb losses that one has to suffer otherwise especially in cases of families having a sole earner.
Companies Covered
Sovereign Assurance Company Ltd, Southern Cross Healthcare Group, AIA New Zealand, IAG New Zealand Ltd , Tower Insurance (NZ) Ltd, AIG Insurance New Zealand Ltd, Allianz New Zealand Ltd, Medical Insurance Society Ltd, ACE Insurance Ltd, Partners Life Ltd,
Key Factors Considered in the Report
Global Non-Life Insurance Industry
New Zealand Non- Life Insurance Market Research
Non-Life Insurance Sector Trends New Zealand
New Zealand General Insurance Regulations
Health Insurance Market Research New Zealand
Health Insurance Demand New Zealand
Personal Accident Insurance Industry New Zealand
Personal Accident Insurance Gross Written Premium New Zealand
Health Insurance Gross Written Premium New Zealand
For more coverage click on the link below:
Related links:
Contact Us:
 Ken Research
 Ankur Gupta, Head Marketing & Communications
 Ankur@kenresearch.com
 +91-9015378249