The Insurance Industry in Macau, Key Trends and Opportunities to 2017

Published: Jan, 2014 | Pages: 182 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Macau, including:
The Macanese insurance industry's growth prospects by insurance segments and categories 
The competitive landscape in the Macanese insurance industry
The current trends and drivers of the Macanese insurance industry
Challenges facing the Macanese insurance industry
Detailed regulatory framework of the Macanese insurance industry
A benchmarking section on the Macanese insurance industry in comparison to other countries in the South-East Asian region 

Summary
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. 
Scope
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. 
Reason To Buy
 Make strategic business decisions using in-depth historic and forecast industry data related to the Macanese insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Macanese insurance industry.
Assess the competitive dynamics in the Macanese insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Macanese insurance industry and its impact on companies and the industry's future. 
Key Highlights
 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

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regiol Market Dymics
3.1 Overview
3.2 Market Trends
3.3 Market Size
4 Life Insurance Segment - Regiol Benchmarking
4.1 Scale and Penetration
4.1.1 Total segment gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration as a percentage of GDP
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
5 Non-Life Insurance Segment - Regiol Benchmarking
5.1 Scale and Penetration
5.1.1 Total segment gross written premium
5.1.2 Premium per capita
5.1.3 Non-life insurance penetration as a percentage of GDP
5.2 Growth
5.2.1 Gross written premium
5.2.2 Gross written premium per capita
5.3 Efficiency and Risk
5.3.1 Loss ratio
5.3.2 Combined ratio
5.3.3 Incurred losses per capita
5.3.4 Incurred losses as a share of GDP
6 Persol Accident and Health Insurance Segment - Regiol Benchmarking
6.1 Scale and Penetration
6.1.1 Total segment gross written premium
6.1.2 Premium per capita
6.1.3 Persol accident and health insurance penetration as a percentage of GDP
6.2 Growth
6.2.1 Gross written premium
6.2.2 Gross written premium per capita
6.3 Efficiency and Risk
6.3.1 Loss ratio
6.3.2 Combined ratio
6.3.3 Incurred losses per capita
6.3.4 Incurred losses as a percentage of GDP
7 Macanese Insurance Industry Overview
7.1 The Macanese Insurance Industry
7.2 Key Industry Trends and Drivers
7.3 Challenges
8 Industry Segmentation
8.1 Life Insurance
8.2 Non-Life Insurance
8.2.1 Property insurance
8.2.2 Motor insurance
8.2.3 Liability insurance
8.2.4 Marine, aviation and transit insurance
8.3 Persol Accident and Health Insurance
8.4 Reinsurance
9 Governce, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Legislation Trends by Type of Insurance
9.2.1 Life insurance regulatory trends
9.2.2 Property insurance regulatory trends
9.2.3 Motor insurance regulatory trends
9.2.4 Marine, aviation and transit insurance regulatory trends
9.2.5 Persol accident and health insurance regulatory trends
9.3 Compulsory Insurance
9.3.1 Motor third-party liability insurance
9.3.2 Insurance for occupatiol accidents or occupatiol diseases
9.3.3 Public liability insurance in relation to the fixing of propaganda and publicity material
9.3.4 Professiol liability insurance for lawyers
9.4 Supervision and Control
9.4.1 Intertiol Association of Insurance Supervisors
9.4.2 Monetary Authority of Macau
9.5 Non-Admitted Insurance Regulatory
9.5.1 Overview
9.5.2 Intermediaries
9.5.3 Market Practices
9.5.4 Fines and Pelties
9.6 Company Registration and Operations
9.6.1 Types of Insurance Organisation
9.6.2 Establishing a local company
9.6.3 Foreign Ownership
9.6.4 Types of License
9.6.5 Capital Requirements
9.6.6 Solvency Margins
9.6.7 Reserve Requirements
9.6.8 Investment Regulations
9.6.9 Statutory Return Requirements
9.7 Taxation
9.7.1 Corporate Tax
9.7.2 VAT
9.7.3 Captives
9.8 Legal System
9.8.1 Introduction
9.8.2 Access to Court
9.8.3 Altertive Dispute Resolution (ADR)
10 Competitive Landscape
10.1 Overview
10.2 Leading Companies
10.2.1 American Intertiol Assurance Co. (B) Ltd - company overview
10.2.2 Chi Life Insurance (Overseas) Company Ltd - company overview
10.2.3 Macau Life Insurance Company Ltd - company overview
10.2.4 Manulife (Intertiol) Ltd - company overview
11 Economic Indicators
11.1 GDP at constant prices (US$)
11.2 GDP per capita at constant prices (US$)
11.3 GDP at current prices (US$)
11.4 GDP per capita at current prices (US$)
11.5 Construction net output at current prices (US$)
11.6 Construction net output at current prices as a percentage of GDP
11.7 Inflation rate
11.8 Exports as a percentage of GDP
11.9 Imports as a percentage of GDP
11.1 Labor force
11.11 Household consumption expenditure (US$)
11.12 Total population
12 Appendix
12.1 Methodology
12.2 Contact Timetric
12.3 About Timetric
12.4 Timetric's Services
12.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Southeast Asia - Life Expectancy, 2000 and 2012
Table 3: Macanese Insurance - Overall Written Premium by Segment (MOP Billion), 2008-2012
Table 4: Macanese Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 5: Macanese Insurance - Overall Written Premium by Segment (MOP Billion), 2012-2017
Table 6: Macanese Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017
Table 7: Macanese Insurance - Segmentation (% Share), 2008-2017
Table 8: Macanese Life Insurance - Gross Written Premium (MOP Billion), 2008-2012
Table 9: Macanese Life Insurance - Gross Written Premium (MOP Billion), 2012-2017
Table 10: Macanese Life Insurance - Paid Claims (MOP Billion), 2008-2012
Table 11: Macanese Life Insurance - Paid Claims (MOP Billion), 2012-2017
Table 12: Macanese Life Insurance - Incurred Loss (MOP Billion), 2008-2012
Table 13: Macanese Life Insurance - Incurred Loss (MOP Billion), 2012-2017
Table 14: Macanese Life Insurance - Loss Ratio (%), 2008-2012
Table 15: Macanese Life Insurance - Loss Ratio (%), 2012-2017
Table 16: Macanese Life Insurance - Combined Ratio (%), 2008-2012
Table 17: Macanese Life Insurance - Combined Ratio (%), 2012-2017
Table 18: Macanese Life Insurance - Total Assets (MOP Billion), 2008-2012
Table 19: Macanese Life Insurance - Total Assets (MOP Billion), 2012-2017
Table 20: Macanese Life Insurance - Retentions (MOP Billion), 2008-2012
Table 21: Macanese Life Insurance - Retentions (MOP Billion), 2012-2017
Table 22: Macanese Non-Life Insurance - Written Premium by Category (MOP Billion), 2008-2012
Table 23: Macanese Non-Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 24: Macanese Non-Life Insurance - Written Premium by Category (MOP Billion), 2012-2017
Table 25: Macanese Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 26: Macanese Non-Life Insurance - Paid Claims (MOP Billion), 2008-2012
Table 27: Macanese Non-Life Insurance - Paid Claims (MOP Billion), 2012-2017
Table 28: Macanese Non-Life Insurance - Incurred Loss (MOP Billion), 2008-2012
Table 29: Macanese Non-Life Insurance - Incurred Loss (MOP Billion), 2012-2017
Table 30: Macanese Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 31: Macanese Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 32: Macanese Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 33: Macanese Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 34: Macanese Non-Life Insurance - Total Assets (MOP Billion), 2008-2012
Table 35: Macanese Non-Life Insurance - Total Assets (MOP Billion), 2012-2017
Table 36: Macanese Non-Life Insurance - Retentions (MOP Billion), 2008-2012
Table 37: Macanese Non-Life Insurance - Retentions (MOP Billion), 2012-2017
Table 38: Macanese Property Insurance - Written Premium (MOP Billion), 2008-2012
Table 39: Macanese Property Insurance - Written Premium (MOP Billion), 2012-2017
Table 40: Macanese Motor Insurance - Written Premium (MOP Billion), 2008-2012
Table 41: Macanese Motor Insurance - Written Premium (MOP Billion), 2012-2017
Table 42: Macanese Liability Insurance - Written Premium (MOP Billion), 2008-2012
Table 43: Macanese Liability Insurance - Written Premium (MOP Billion), 2012-2017
Table 44: Macanese Marine, Aviation and Transit Insurance - Written Premium (MOP Billion), 2008-2012
Table 45: Macanese Marine, Aviation and Transit Insurance - Written Premium (MOP Billion), 2012-2017
Table 46: Macanese Persol Accident and Health Insurance - Gross Written Premium (MOP Billion), 2008-2012
Table 47: Macanese Persol Accident and Health Insurance - Gross Written Premium (MOP Billion), 2012-2017
Table 48: Macanese Persol Accident and Health Insurance - Paid Claims (MOP Billion), 2008-2012
Table 49: Macanese Persol Accident and Health Insurance - Paid Claims (MOP Billion), 2012-2017
Table 50: Macanese Persol Accident and Health Insurance - Incurred Loss (MOP Billion), 2008-2012
Table 51: Macanese Persol Accident and Health Insurance - Incurred Loss (MOP Billion), 2012-2017
Table 52: Macanese Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 53: Macanese Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 54: Macanese Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 55: Macanese Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 56: Macanese Persol Accident and Health Insurance - Total Assets (MOP Billion), 2008-2012
Table 57: Macanese Persol Accident and Health Insurance - Total Assets (MOP Billion), 2012-2017
Table 58: Macanese Persol Accident and Health Insurance - Retentions (MOP Billion), 2008-2012
Table 59: Macanese Persol Accident and Health Insurance - Retentions (MOP Billion), 2012-2017
Table 60: Macanese Reinsurance Ceded by Insurance Segment (MOP Billion), 2008-2012
Table 61: Macanese Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012
Table 62: Macanese Reinsurance Ceded by Insurance Segment (MOP Billion), 2012-2017
Table 63: Macanese Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017
Table 64: Macanese Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 65: Macanese Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 66: Macanese Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 67: Macanese Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 68: Macanese Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 69: Macanese Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 70: Maximum liability of Aircraft Operators for Third Party Damages in Macau
Table 71: Capital Requirement of Macanese Insurers and Reinsurers
Table 72: Margin of Solvency for Non-Life Insurers in Macau
Table 73: Investment Regulations for Insurers and Reinsurers in Macau
Table 74: Other Corporate Taxes in Macau
Table 75: Macanese Insurance Industry - Market Shares (%), 2012
Table 76: Macanese Life Insurance - Market Shares (%), 2012
Table 77: Macanese Non-Life Insurance - Market Shares (%), 2012
Table 78: American Intertiol Assurance Co. (B) Ltd, Main Products
Table 79: Chi Life Insurance (Overseas) Company Ltd, Main Products
Table 80: Chi Life Insurance (Overseas) Company Ltd, Key Employees
Table 81: Macau Life Insurance Company Ltd, Main Products
Table 82: Macau Life Insurance Company Ltd, Key Employees
Table 83: Manulife (Intertiol) Ltd, Main Products