Hong Kong general insurance market has many agents who sell the insurers’ products to mainlanders in China. This is because every other time Yuan depreciates; people prefer shifting to Honk Kong insurance market. Of the premiums that the Honk Kong market saw an increase from mainlanders, the majority of its share came from medical or protective products. The subscribers from the middle class and millennial increased.
According to the report Strategic Market Intelligence: General Insurance in Honk Kong-2017 gives a comprehensive analysis of the Hong Kong general insurance market in the review period of 2012-2016 and also on forecast period of 2016-2021. The report offers a detailed analysis of various segments of Honk Kong general insurance market and compares it with its counterparts. The report gives analysis on various distribution channels, risk governance and its impact on general insurance in the country. This report will assist in making strategic decisions based on forecasted data and helps in identifying competitive dynamics in the general insurance market. The key competitors in the general insurance market segment of the country are Axa General, Bupa (Asia) Ltd, China Taiping, Zurich Insurance, Bank of China Group, AIG, QBE, Chubb, Blue Cross, and Asia Insurance. The products that are covered in the market report are General insurance, Economy and demographics, Regional position, Foreign Direct Investment, Country Risk, Investment Opportunities, Government Initiatives, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance, Distribution channels, Agencies, Insurance brokers, Direct marketing, Competitive Landscape, Legislation and Compulsory insurance.
Statistics show that user base for general insurance has gone up while the average policy size has got smaller. The selling of insurance products has become difficult, but connectivity has made way for mass customization and created newer methods to reach to newer customers. Many insurers provide tailor-made products and services to the customers, suiting their preferences and ensuring consistency and single point of contact. The insurers will have to up their game by training their sales personnel to improve their sales techniques. This is because the traditional approach to product push has given way for a professional, long-term approach that needs the suppliers to adapt to newer methods of sales. Many companies lack good data to strategize their approach. This is because the market is very dynamic and the companies have different systems for different channels for different business segments and geographies, thus making it difficult.
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