In an economy that is dependant around tourism,
gambling and manufacturing the financial services sector is gradually
increasing, the insurance industry in particular.
The area of Macau is one
of two special administrative regions of the People’s Republic of China (PRC)
and has the second highest life expectancy rate in the world of 84.43 years.
With such high life expectancy, the aging population drives a demand for
pension and health insurance policies as they use these products to safeguard
their financial positions once no longer working. Coupled with particularly
expanding casino developments and a wide range of compulsory insurance
categories, these key factors driving the insurance industry in Macau with CAGR
of 11.8% already recorded during the review period of 2008-2012.
Complete report available @ http://www.rnrmarketresearch.com/the-insurance-industry-in-macau-key-trends-and-opportunities-to-2017-market-report.html .
Infrastructure development
in the Macau region has also been a crucial to the continued growth of the
insurance industry and are expected to continue over the forecast period.
Particular developments of worth are, amongst others, the Macau Light Rail
Transit System, the Guangzhou-Zhuhai Intercity Mass Rapid Transit System and
the casino resort by Metro-Goldwyn-Mayer
(MGM), with a value of MOP20.0 billion (US$2.5 billion).
One of the fundamental
reasons why the Macanese insurance industry was largely unaffected by the
global financial crisis is the well- regulated, mandatory policies made
available over a large number of categories by the Monetary Authority of Macau.
With insurance available for motor vehicles, employee compensation, personal
and professional liabilities amongst others, this highly regulated, structured
environment is key to the industries success.
Multinationals mainly operate in Macau through
subsidiaries or branch offices, and most are based in Hong Kong or Bermuda. The
Macanese insurance industry was led by the life segment in 2012, with a 69.4%
share. Companies operating in the life segment led the overall industry in
terms of gross written premium. Life insurer AIA led the Macanese insurance
industry in 2012 with a 27.3% share, followed by China Life Insurance, which
also operates in the life segment. Of the 10 leading insurers in Macau in 2012,
seven were life insurers.
Reasons to
buy:
- Increase your knowledge of the factors affecting the Macanese insurance industry.
- Minimize the business risks you may face within this market.
- Obtain a better understanding of the regulations introduced and how they affect the industry.
- Gain a clear understanding of market opportunities and entry strategies to gain or grow your market share in the insurance industry in Macau.
- Receive the information needed to gain a greater understanding of the technological trends in the insurance industry.
