{"id":1365,"date":"2024-04-08T19:33:00","date_gmt":"2024-04-08T11:33:00","guid":{"rendered":"http:\/\/www.tins-group.com\/?p=1365"},"modified":"2024-05-07T19:35:29","modified_gmt":"2024-05-07T11:35:29","slug":"%e6%8a%a5%e5%91%8a%e8%a7%a3%e8%af%bb-2023%e9%a6%99%e6%b8%af%e4%bf%9d%e9%99%a9%e8%a1%8c%e4%b8%9a%e6%95%b0%e6%8d%ae%e5%88%86%e6%9e%90","status":"publish","type":"post","link":"https:\/\/cvw-corp.com\/en\/\u62a5\u544a\u89e3\u8bfb-2023\u9999\u6e2f\u4fdd\u9669\u884c\u4e1a\u6570\u636e\u5206\u6790\/","title":{"rendered":"Report Interpretation | 2023 Hong Kong Insurance Industry Data Analysis"},"content":{"rendered":"

Recently, the Hong Kong Insurance Authority (HKIA) has released the latest statistics on insurance in Hong Kong, and in 2023, the annual premiums paid by mainland visitors to Hong KongHK$58,971 million<\/strong>Year-on-year surge28 times<\/strong>second only toHK$72.7 billion in 2016<\/strong>'s all-time peak, surpassing the pre-outbreak 2019 level ($43.4 billion)!<\/p>\n\n\n\n

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With the re-clearance of customs in 2023, taking out insurance in Hong Kong has once again become a craze, and the Hong Kong insurance market has once again ushered in the era of glory and prosperity after a lapse of three years. In March, after customs clearance, the number of insurance policies grew by leaps and bounds. Coupled with the fact that the major insurance companies in Hong Kong launched the most favorable offers and industry-shaking new products one after another, Hong Kong insurance once became a popular place to take out insurance.<\/p>\n\n\n\n

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PART 01<\/strong><\/p>\n\n\n\n

Mainland visitors taking out insurance in Hong Kong<\/strong><\/p>\n\n\n\n

The second highest in history<\/strong><\/p>\n\n\n\n

The total premiums paid by mainland visitors to Hong Kong reached HK$59 billion, a figure second only to the peak year of 2016 and surpassing the pre-epidemic year of 2019, which reachedThe second highest peak in history<\/strong>The premiums paid by mainland visitors accounted for about 40% of the overall premiums paid for Hong Kong insurance.32.6%<\/strong>This percentage is also the highest in the history ofSecond highest peak after 2016<\/strong>The<\/p>\n\n\n\n

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PART 02<\/strong><\/p>\n\n\n\n

Whole life insurance reigns supreme<\/strong><\/p>\n\n\n\n

New policy life insurance accounted for the highest proportion of new policies, with the main products taken out by mainland customers being whole life and savings life insurance. total premiums taken out on the mainland in 2023 wereHK$58,971 million<\/strong>The total number of policies is as high as195,400 copies<\/strong>The average premium is as high asHK$302,000<\/strong>The<\/p>\n\n\n\n

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Image source: Hong Kong Insurance Authority<\/p>\n\n\n\n

For the full year of 2023, the new policy count was 54.81 TP3T for Whole Life and 34.21 TP3T for Critical Illness.<\/p>\n\n\n\n

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Image source: Hong Kong Insurance Authority<\/p>\n\n\n\n

For the full year 2023, by new policy premiums, whole life accounted for 81.11 TP3T and critical illness protection accounted for 3.11 TP3T.<\/p>\n\n\n\n

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Source: Hong Kong Insurance Authority<\/p>\n\n\n\n

Intuitively the share of premiums from mainland customers lookswhole life insurance<\/strong>(including the diversified savings with-profits product, which is the most widely deployed product) reaches81.07%<\/strong>The percentage of thesavings insurance<\/strong>(generally understood as short-term savings) to9.87%<\/strong>.;Annuity insurance 2.85%<\/strong>.;Critical illness insurance up to 3.10%<\/strong>The<\/p>\n\n\n\n

Overall, in terms of both the number of policies and the total amount of premiums, the most preferred by mainland customers are concentrated in thewhole life insurance<\/strong>, including the fireworks of recent yearsMulti-Savings Participating Products<\/strong>The<\/p>\n\n\n\n

surname CongHK$302,000 average premium per case<\/strong>Come and see.The trend of HNW clients taking out overseas insurance remains in Hong Kong.<\/strong>Allocating Hong Kong policies is the first choice for middle and high net worth clients to invest overseas.<\/p>\n\n\n\n

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PART 03<\/strong><\/p>\n\n\n\n

Ranking of Major Insurance Companies in Hong Kong<\/strong>
Personal lines new policy rankings<\/strong><\/p>\n\n\n\n

Based on the full year 2023 data, the top 15 Hong Kong insurers in terms of individual new business have a market share of 97.61 TP3T. The top 5 insurers wereHSBC Life, AIA, Manulife, Prudential and Fortis<\/strong>The<\/p>\n\n\n\n

Among them.Fortis<\/strong>The growth has been ferocious, with year-on-year premiumsGrowth of up to 2,321 TP3T<\/strong>, the highest in the industry.<\/p>\n\n\n\n

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Source: Hong Kong Insurance Authority<\/p>\n\n\n\n

Brokerage Rankings<\/strong><\/p>\n\n\n\n

The top 5 Hong Kong insurance companies in terms of gross new premium income wereFortis, Manulife, AIA, Sun Life, and F&W<\/strong>The<\/p>\n\n\n\n

Fortis market share up to 28.1%<\/strong>It is the first choice of Hong Kong insurance customers.<\/p>\n\n\n\n

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Source: Hong Kong Insurance Authority<\/p>\n\n\n\n

With their versatility and high returns, Hong Kong insurance products have always attracted many middle and high net worth individuals in theAsset allocation, risk diversification and investment concepts better suited to market needs<\/strong>Therefore, the Hong Kong insurance market still has an optimistic market outlook.<\/p>\n\n\n\n

If you would like to learn more about Hong Kong insurance and realize your asset allocation goals, please feel free to contact Timeless Group!<\/p>","protected":false},"excerpt":{"rendered":"

Recently, the Hong Kong Insurance Authority has released the latest statistics on insurance in Hong Kong, 2 [...]<\/span><\/p>","protected":false},"author":2,"featured_media":1366,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","iawp_total_views":39,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"_links":{"self":[{"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/posts\/1365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/comments?post=1365"}],"version-history":[{"count":1,"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/posts\/1365\/revisions"}],"predecessor-version":[{"id":1367,"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/posts\/1365\/revisions\/1367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/media\/1366"}],"wp:attachment":[{"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/media?parent=1365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/categories?post=1365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cvw-corp.com\/en\/wp-json\/wp\/v2\/tags?post=1365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}