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Data-based Analysis: Hong Kong’s Life Insurance Industry Set for Growth in 2024 and Beyond GlobalData’s Insurance Database forecasts a promising future for the Hong Kong life insurance sector, with growth anticipated to commence in 2024. The impending integration of Hong Kong with the Greater Bay Area (GBA) is poised to fortify the life insurance landscape, presenting new opportunities for industry players. Chinese residents emerge as a key consumer demographic, attracted by the competitive returns offered by life insurance products in Hong Kong, surpassing those available in China. Stay tuned for exciting developments in the dynamic Hong Kong insurance market! 💹 For more information: https://lnkd.in/eSaWNqpW #Insurance #HongKong #LifeInsurance #GlobalData #MarketTrends

Day 4 of our list highlighting the individuals who stand out in driving the the #lifeinsurance industry forward via steady investment processes, robust operations, sustainability measures, as well as advocacy for best practices and transparency. #top15 #insurance . Today's names come from #Indonesia and #Japan

The life insurance industry in #HongKong is poised for significant growth in the coming years, according to a recent forecast by GlobalData Plc. It is projected that the life insurance industry in Hong Kong will experience a steady growth trajectory, with a CAGR of 4.1% from 2024 to 2028, demonstrating an increase in direct written premiums (DWP) from HK$459.9 billion (US$58.7 billion) in 2024 to HK$539.1 billion (US$68.8 billion) in 2028. At #Huize, we recognized the immense potential of the Hong Kong market early on and took action rapidly to seize the opportunities in the Hong Kong insurance market. Our foresight and proactive approach have already yielded promising results, with our Hong Kong brokerage business contributing 6% to our total revenue in the fourth quarter of 2023 alone. Our strong foothold in this thriving market positions us well to capitalize on the growth opportunities that lie ahead! https://lnkd.in/gT7xUfw6

https://lnkd.in/dN3bNYZa According to the report, Cathay Life Insurance is the second strongest brand, with a 9 per cent increase in brand value to $4.9 billion, Followed by NRMA Insurance, which saw an 82 per cent rise in brand value to $1.3 billion. Meanwhile, Chinese insurance brands maintain dominance in the global rankings of most valuable insurance brands, with Ping An leading with a 4 per cent increase in brand value to $33.6 billion followed by China Life Insurance and CPIC retaining their third and fifth positions, respectively. 🤘

What Insurance Do I Need To Consider In Singapore

Investment linked insurance policy (ILP): an encore?! While discussing with industry participants in The 15th Worldwide Chinese Life Insurance Congress, it is interesting to observe how ILP made a comeback in several Asian countries. In Indonesia the trend has been the opposite for the last couple of years with data from insurance industry association indicates c. 40% YoY drop in ILP (combined basis, Bancassurance and Agency) for Q1 2024. Historically ILP with medical rider has been the backbone to life insurance sales in Indonesia. For the past years new PAYDI regulation and medical repricings caught some of the distribution channels off-guard. Investment return added insult to the injury: Jakarta Composite Index (JCI) returned c. 40% for the last decade (end Jul 2014 to end Jul 2024) compared to c. 570% the decade prior (end Jul 2004 to end Jul 2014). While PAYDI regulation offers positives steps in customer protection and industry governance, the ripple effect travels futher. Collaboration between insurer and asset manager is needed to contain the unintended consequences. ILP cohort in the asset manager portfolio is traditionally stickier compared to high churn-rate of retail investment portfolio, this allow asset manager to implement the strategic conviction (long term) vs. tactical play (short term). There is a plethora of articles and publications that provide in-depth analysis on ILP. To me, if ILP were to make an encore at home, it boils down to three main factors: improved financial literacy (customer and financial advisor alike), affordable health product/rider (in the light of persistent medical inflation), and attractive investment return (in risk-adjusted basis).

The latest Sigma's World Insurance research paper provides excellent perspectives and insights on the insurance industry. Zeroing in on global Life Insurance, which contributed close to USD$3 trillion in 2023, growing 3.9% vs prior year. Interestingly, Asia accounts for seven of the top twenty Life Insurance markets. After the US, China and Japan follows as the second and third largest Life markets in the world. However, 4 of the 7 Asian markets saw a decline in Life Premium yoy, including South Korea, HK, Taiwan and Singapore. Other than Thailand, 4 other Asian countries (ie MY, VN, INDO, PH) also saw similar yoy declines. Only Spain, Brazil and UK bucked the trends and saw double digit growths vs the rest of the top 20. As a whole, the Asian markets (highlighted in green below), takes up a whopping 36% of the global Life pie, and contributes to almost half the global population. Aside for HK, life penetration wise by GDP are still in its single digits for most Asian countries. Each country will have it own challenges that needs to be navigated in the right way with experienced, firm hands. What is very exciting is the massive hidden growth potential of the vast under- penetrated population still waiting to be unearthed by the daring, the adventurous, the visionaries, the rebels and the colleagues sitting next to you. Of course, there will be cynics. Any other thoughts and views? 🙏 Reference : https://lnkd.in/gKJKehNQ

Ten (10) things you need to know and understand before you sign life insurance policy discussed at @NewdayTV with @Amoasi. Watch full video on YouTube link 🔗 https://lnkd.in/etFcZvVm

Malaysia’s life insurance market is set to exceed MYR77.3 billion (US$17.2 billion) in direct written premiums (DWP) by 2028, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2028, according to data from analytics firm GlobalData Plc. https://hubs.la/Q02PFppn0

Ha ha pura ka pura paisa vapas milega bole to get full refund!! 😄 Kya Brahmi Kapasi Kapasi sachme? Aisa possible hai? 100% possible hai & this is known as Free look period! 🕵️♂️ We all know life insurance is mandatory & insurance terms & conditions are a bit hasty to understand in one go. So most of the insurance companies provide a 15-day free look period wherein you can get 15 days' time to go through life insurance details in the policy documents. During these 15 days free look period, we can actually understand the policy’s terms & conditions before planning for lifelong investment into one particular life insurance. If you’re not satisfied or do not agree with any particular T&Cs, you can ask for premium back & cancel the policy. But remember, it is possible that the insurance company may deduct the expenses incurred in case you have raised a claim during the free look period & then refund the remaining amount 💰   Make sure to follow Brahmi Kapasi Kapasi for more such insights!!   #Insurance #refund #savemoney #BrahmiKapasi