Macau life insurance market expands by more than 50%November 28 2016 by InsuranceAsia News Staff
The popularity of life insurance products in Macau helped the city’s insurance sector to expand 52% in the first three quarters this year to P16.5 billion (US$2.1 billion).
According to the latest official data released by the Monetary Authority of Macau (AMCM), the city’s life insurance sector generated P14.8 billion in gross premiums for the first nine months, 61% up compared to P9.2 billion for the same period last year.
On the other hand, total gross claims reached P2.1 billion, an increase of only 5.4% compared to P1.95 billion one year ago.
In terms of claims, those for death amounted to P633.2 million, accounting for 30.8% of the total, followed by those of dividends to policyholders, amounting to P523.5 million, representing 25.6% of the total.
Meanwhile, for the same period, non-life insurers also saw their gross premium increase by 2.33% to P1.75 billion, while total gross claims totalled P549.5 million, a decrease of 0.4% from P551.6 million one year ago.
- January 18
The majority purchase of the former ING Life Korea business will give the group its second life insurer.
- January 14
There is a bidding war for a 23% stake of Canara HSBC Oriental Bank of Commerce Life.
- January 9
General manager Lance Tay says the firm will focus on the "mass affluent" after a surge in demand.
- January 3
Mark O'Dell tasked with helping take the market to the next level.