Boston, MA -- (ReleaseWire) -- 02/21/2014 -- 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.
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- 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
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.
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Companies Mentioned in this Report: American International Assurance Co. (B) Ltd, China Life Insurance (Overseas) Company Ltd, Macau Life Insurance Company Ltd, Manulife (International) Ltd,
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