|
|
|
Hong Kong provides an excellent environment for insurers and reinsures over the Globe.
Financial services Industries and Sophisticated Capital market have made the country a leading Insurance Centre of Asia. It has attracted the top insurance companies of the world along huge Foreign Direct Investments to the country. Hong Kong has the largest number of authorized insurance companies in Asia.
As on 31 October 2005, there were 178 authorized insurers in Hong Kong, of which 113 were pure general insurers, 46 were pure long-term insurers and the remaining 19 were composite insurers.
|
The Hong Kong insurance industry as a whole has continued to grow in 2004. According to the latest audited returns filed by the insurers, total gross premiums grew by 19.5% to HK$121.9 billion, representing 9.6% of the Hong Kong Gross Domestic Product.
Hong Kong's Insurance sector was given a stable outlook by rating agency Standard & Poor's in Aug, 2004.S&P observed that the local insurance market has been resilient amid the economic downturn and has survived intense competition, volatile markets and the outbreak of SARS in 2003.
Keeping in view the growing potentiality of the Insurance market in Hong Kong, the French AXA group, the biggest insurance company worldwide established its Asia Pacific head quarters in Hong Kong. Regional Chief Executive of AXA said, we have full confidence in Hong Kong as a gateway to both China and the Asian markets and as an international hub for financial services.
|