HONG KONG, Aug 15 (Bernama-BUSINESS WIRE) -- The Hong Kong life insurance market has experienced strong new business growth over the past two to three years, but it will be challenged going forward to continue high growth levels given weakened domestic demand and new measures imposed by the Chinese government to impede the purchase of cross-border, long-term policies from Mainland China visitors (MCV). These new measures, according to a new A.M. Best special report, will increase the regulatory and administrative costs for life insurers.
The Best’s Special Report, titled, “Hong Kong’s Life Business Facing Headwinds on New Growth,” states that while most of the developed life insurance markets in Asia have been facing bottlenecks in growth, Hong Kong has reported double-digit growth annually, since 2010, in terms of new business premium in direct individual businesses, and has been the fastest-growing life insurance market among developed markets within Asia.
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