Delhi, India (PressExposure) May 02, 2009 -- According to our new research report âHong Kong Insurance Market to 2013â, long-term (mostly life) insurance will continue to grow at a CAGR of over 12% during 2009-2013. Rising demand for non-linked (traditional) insurance products will drive growth in long-term insurance. Besides, individual life & annuity and retirements products are likely to dominate the market over the forecast period.
The report also says that in the past few years, investment-linked products have provided growth momentum to the life insurance business as the Hong Kong residents sought a mix of protection, savings and investment functions. However, the current financial crisis has led to the downtrend in the life insurance business. Last year, new life insurance business saw a significant drop in individual investment-linked products, while new office a premium in respect of individual life and annuity (non-linked) business was boosted by 18.4% to HK$ 24.1 Billion.
The current trend clearly shows that the Hong Kong residents are changing their buying pattern. They are now opting for comparatively less risky products like âEndowmentâ plans or products which just meet the basic need of insurance called âTermâ insurance. Thus, the market will be mainly driven by non-linked (traditional) life insurance products unlike the past few years trend. However, the growth rate is expected to be almost halved during forecast period due to weak performance of investment-linked products amidst liquidity problems.
The report includes forecast on various segments of Hong Kong insurance industry including forecast on life & annuity, retirement scheme, general insurance, accident & health, general liability, property and motor insurance.
"Hong Kong Insurance Market to 2013" explores the market developments and potential along with giving broad overview of the insurance sector in Hong Kong. The report studies the present and past market trends to evaluate the market dynamics comprehensively. The forecasts and estimates provided in the report are not based on the complex economic model, but intended to give rough guide in which direction the market is likely to move in future.
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