Hong Kong personal health insurance market recording strong growth

Press Release   •   Aug 24, 2012 14:58 BST

The Hong Kong personal health insurance market recorded strong growth between 2007 and 2011. Over this time period, Hong Kong's insurance regulatory environment changed significantly, with numerous initiatives introduced in an effort to increase insurance penetration in the country.

As the largest segment of the non-life insurance market, the health insurance industry has been a key contributor to non-life sales, with gross and net premiums of HK$7.3 billion (US$940 million) and HK$6.1 billion (US$780 million) in 2011.

The growth in the industry was driven by an increase in total healthcare expenditure, a rise in the volume of outbound tourists, favourable government initiatives, and growing consumer awareness regarding the benefits of insurance products.

Furthermore, Hong Kong's positive economic outlook is expected to result in an increase in average income levels and, consequently, improve demand for personal accident and health insurance products over the period to 2016.

The Hong Kong personal health insurance market is highly competitive, containing, as of 2011, 54 domestic and foreign companies that continually compete to gain dominance of the market share.

For more information on the Hong Kong life insurance market, see the latest research: Hong Kong Life Insurance Market Report

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