Macau insurers set for growth, says report

April 19 2015 by InsuranceAsia News Staff

Macau’s insurance industry registered growth of 20.4% annually from 2009 to 2013 in terms of gross written premiums and is forecast to grow further in the coming years according to a recently published report released by Research and Markets entitled ‘The Insurance Industry in Macau, Key Trends and Opportunities to 2018’.

The report said that there were significant growth opportunities in the Special Administrative Region due to the low insurance penetration (just 1.6% in 2013, well below the Asian average of 6%), and the ongoing development of Macau’s economy driven by the gaming and tourism industries.

The study also said that the aging population and high life expectancy in the region would be a further factor supporting the growth of Macau’s life insurance sector.