The Insurance Industry in Macau to 2017: Market Overview

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The Insurance Industry in Macau to 2017: Market Overview

  1. 1. The Insurance Industry in Macau, Key Trends and Opportunities to 2017 Synopsis The report provides in-depth industry analysis, information and insights into the insurance industry in Macau, including: The Macanese insurance industry’s growth prospects by insurance segments and categories The competitive landscape in the Macanese insurance industry The current trends and drivers of the Macanese insurance industry Challenges facing the Macanese insurance industry Detailed regulatory framework of the Macanese insurance industry A benchmarking section on the Macanese insurance industry in comparison to other countries in the South-East Asian region Summary Macau is one of two special administrative regions of the People’s Republic of China. Its economy is predominantly dependent on tourism, gambling and manufacturing. However, the contribution of the financial services sector, including the insurance industry, is gradually increasing. The value of the Macanese insurance industry grew at a compound annual growth rate (CAGR) of 11.8% during the review period (2008–2012), with life insurance as the largest segment. The growth of the insurance industry is being driven by a growing aging population, with one of the highest life expectancy rates in the world, expanding casino-related development projects, and a favorable regulatory framework, including a wide range of compulsory insurance categories, such as motor third-party liability and professional liability insurance. The country’s high life expectancy rate, which is the second-highest in the world, contributed to the growth of the life segment during the review period. These factors are expected to remain important over the forecast period (2012–2017), driving growth in the insurance industry. Scope This report provides a comprehensive analysis of the insurance industry in Macau: It provides historical values for the Macanese insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period. It offers a detailed analysis of the key segments and categories in the Macanese insurance industry, along with forecasts until 2017. It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions. It profiles the top insurance companies in Macau, and outlines the key regulations affecting them. Reasons To Buy Make strategic business decisions using in-depth historic and forecast industry data related to the Macanese insurance industry and each segment within it. Understand the demand-side dynamics, key trends and growth opportunities within the Macanese insurance industry. Assess the competitive dynamics in the Macanese insurance industry. Identify the growth opportunities and market dynamics within key segments. Gain insights into key regulations governing the Macanese insurance industry and its impact on companies and the industry's future. Key Highlights The Macanese insurance industry grew at a CAGR of 11.8% during the review period, primarily supported by the life segment with an industry share of 69.4% in 2012, in terms of gross written premium Favorable demographics, including a rise in life expectancy and an increasing number of high net worth individuals (HNWIs), are expected to drive demand for insurance in Macau over the forecast period The expanding gambling industry, which generated revenues of MOP303.6 billion (US$38 billion) in 2012, is expected to create a number of opportunities for insurance in Macau The Macanese insurance industry is facing a shortage of skilled human resources There were 11 life and 12 non-life insurance providers licensed to conduct insurance business in Macau as of 2012, of which eight were domestic and 15 were branches of overseas companies The number of insurance providers declined from 24 in 2008 to 23 in 2012 table Of Content 1 Executive Summary 2 Introduction 2.1 What Is This Report About? 2.2 Definitions 2.3 Methodology 3 Regional Market Dynamics 3.1 Overview 3.2 Market Trends 3.3 Market Size 4 Life Insurance Segment – Regional Benchmarking 4.1 Scale And Penetration 4.1.1 Total Segment Gross Written Premium 4.1.2 Premium Per Capita 4.1.3 Life Insurance Penetration As A Percentage Of Gdp 4.2 Growth 4.2.1 Gross Written Premium 4.2.2 Gross Written Premium Per Capita 4.3 Efficiency And Risk 4.3.1 Loss Ratio 4.3.2 Combined Ratio 4.3.3 Incurred Losses Per Capita 4.3.4 Incurred Losses As A Percentage Of Gdp The Insurance Industry in Macau, Key Trends and Opportunities to 2017
  2. 2. 5 Non-life Insurance Segment – Regional Benchmarking 5.1 Scale And Penetration 5.1.1 Total Segment Gross Written Premium 5.1.2 Premium Per Capita 5.1.3 Non-life Insurance Penetration As A Percentage Of Gdp 5.2 Growth 5.2.1 Gross Written Premium 5.2.2 Gross Written Premium Per Capita 5.3 Efficiency And Risk 5.3.1 Loss Ratio 5.3.2 Combined Ratio 5.3.3 Incurred Losses Per Capita 5.3.4 Incurred Losses As A Share Of Gdp 6 Personal Accident And Health Insurance Segment – Regional Benchmarking 6.1 Scale And Penetration 6.1.1 Total Segment Gross Written Premium 6.1.2 Premium Per Capita 6.1.3 Personal Accident And Health Insurance Penetration As A Percentage Of Gdp 6.2 Growth 6.2.1 Gross Written Premium 6.2.2 Gross Written Premium Per Capita 6.3 Efficiency And Risk 6.3.1 Loss Ratio 6.3.2 Combined Ratio 6.3.3 Incurred Losses Per Capita 6.3.4 Incurred Losses As A Percentage Of Gdp 7 Macanese Insurance Industry Overview 7.1 The Macanese Insurance Industry 7.2 Key Industry Trends And Drivers 7.3 Challenges 8 Industry Segmentation 8.1 Life Insurance 8.2 Non-life Insurance 8.2.1 Property Insurance 8.2.2 Motor Insurance 8.2.3 Liability Insurance 8.2.4 Marine, Aviation And Transit Insurance 8.3 Personal Accident And Health Insurance 8.4 Reinsurance 9 Governance, Risk And Compliance 9.1 Legislation Overview And Historical Evolution 9.2 Legislation Trends By Type Of Insurance 9.2.1 Life Insurance Regulatory Trends 9.2.2 Property Insurance Regulatory Trends 9.2.3 Motor Insurance Regulatory Trends 9.2.4 Marine, Aviation And Transit Insurance Regulatory Trends 9.2.5 Personal Accident And Health Insurance Regulatory Trends 9.3 Compulsory Insurance 9.3.1 Motor Third-party Liability Insurance 9.3.2 Insurance For Occupational Accidents Or Occupational Diseases 9.3.3 Public Liability Insurance In Relation To The Fixing Of Propaganda And Publicity Material 9.3.4 Professional Liability Insurance For Lawyers 9.4 Supervision And Control 9.4.1 International Association Of Insurance Supervisors 9.4.2 Monetary Authority Of Macau 9.5 Non-admitted Insurance Regulatory 9.5.1 Overview 9.5.2 Intermediaries The Insurance Industry in Macau, Key Trends and Opportunities to 2017
  3. 3. 9.5.3 Market Practices 9.5.4 Fines And Penalties 9.6 Company Registration And Operations 9.6.1 Types Of Insurance Organisation 9.6.2 Establishing A Local Company 9.6.3 Foreign Ownership 9.6.4 Types Of License 9.6.5 Capital Requirements 9.6.6 Solvency Margins 9.6.7 Reserve Requirements 9.6.8 Investment Regulations 9.6.9 Statutory Return Requirements 9.7 Taxation 9.7.1 Corporate Tax 9.7.2 Vat 9.7.3 Captives 9.8 Legal System 9.8.1 Introduction 9.8.2 Access To Court 9.8.3 Alternative Dispute Resolution (adr) 10 Competitive Landscape 10.1 Overview 10.2 Leading Companies 10.2.1 American International Assurance Co. (b) Ltd – Company Overview 10.2.2 China Life Insurance (overseas) Company Ltd – Company Overview 10.2.3 Macau Life Insurance Company Ltd – Company Overview 10.2.4 Manulife (international) Ltd – Company Overview 11 Economic Indicators 11.1 Gdp At Constant Prices (us$) 11.2 Gdp Per Capita At Constant Prices (us$) 11.3 Gdp At Current Prices (us$) 11.4 Gdp Per Capita At Current Prices (us$) 11.5 Construction Net Output At Current Prices (us$) 11.6 Construction Net Output At Current Prices As A Percentage Of Gdp 11.7 Inflation Rate 11.8 Exports As A Percentage Of Gdp 11.9 Imports As A Percentage Of Gdp 11.10 Labor Force 11.11 Household Consumption Expenditure (us$) 11.12 Total Population 12 Appendix 12.1 Methodology 12.2 Contact Timetric 12.3 About Timetric 12.4 Timetric’s Services 12.5 Disclaimer ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ The Insurance Industry in Macau, Key Trends and Opportunities to 2017
  4. 4. The Insurance Industry in Macau, Key Trends and Opportunities to 2017

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